Does the golden pot at the end of the rainbow exist? If it does, Pfizer (PFE) probably knows something about it. After reporting a 92% increase in revenues for the second quarter of 2021, the American drug maker has received full FDA approval for its Covid-19 vaccine. This news comes on the same day Pfizer has announced plans to buy the blood cancer therapy specialist — Trillium Therapy (TRIL) — in a deal worth $2.2b. Pfizer has already purchased a $25m stake in Trillium Therapy last September and it will now acquire the remaining shares for $18.50 a piece.
After the combined set of good news, Pfizer’s shares surged 3.9% on the New York Stock Exchange, while Trillium shares nearly tripled on the Nasdaq. Pfizer’s $18.50 purchase price of Trillium shares represents a 203.8% premium compared to the stock’s closing price last week — quite a hefty increase, don’t you think?