Why Trillium Therapeutics Stock Is Skyrocketing Today

Shares of the developmental-stage biotech Trillium Therapeutics (NASDAQ: TRIL) are up by a whopping 192% in pre-market trading Monday morning. The cancer company's stock is surging this morning in response to a $2.26 billion buyout agreement with pharma heavyweight Pfizer (NYSE: PFE).  

Pfizer opened a starter position of $25 million in Trillium last year. Per the terms of this latest deal, the pharma titan agreed to acquire the biotech's remaining shares for $18.50 apiece, which represents a hefty 203.8% premium compared to the stock's closing price last Friday.

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Source Fool.com