Trillium Therapeutics shares nearly tripled after buyout deal with Pfizer valued at $ 2.26 billion

Shares of Trillium Therapeutics Inc. TRIL,
+ 3.92%
nearly tripled in pre-market trading on Monday, reaching 189.3%, after the immuno-oncology company announced an acquisition agreement by Pfizer Inc. PFE,
-0.16%
in a cash transaction valued at $ 2.26 billion. Under the deal, Pfizer will pay $ 18.50 for each Trillium share it does not already own, which is 203.8% above Friday’s closing price of $ 6.09. Pfizer stock rose 4.0% before the opening. “The proposed acquisition of Trillium builds on our strong track record of oncology leadership, enhancing our hematology portfolio as we strive to improve outcomes for people living with blood cancers globally,” said said Andy Schmeltz, president of Pfizer Oncology. Trillium shares are down 24.1% in the last three months through Friday, while Pfizer shares are up 22.4% and the S&P 500 SPX,
+ 0.81%
gained 6.9%.