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Pfizer said Monday that it is buying Trillium, a Toronto developer of cancer drugs with which it already has a development partnership, for $2.3 billion.

The purchase represents nothing but a win for Trillium shareholders, capping off a two-year period in which Trillium traded below 30 cents and as high as $20.96. The deal price — Pfizer is paying $18.50 per share — is triple the stock’s recent closing price and almost at that all-time high.


But Pfizer shareholders may find something to like in the deal, too, because it represents an effort on Pfizer’s part to look to the future of its important cancer drug franchise as Ibrance, its top-selling treatment for metastatic breast cancer, faces competition from Eli Lilly’s Verzenio. In pre-market trading, Pfizer shares are up 3%.

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