Pfizer Inc. (NYSE PFE) has purchased Trillium Therapeutics, a clinical stage immuno-oncology firm developing innovative therapies for cancer treatment. The acquisition included a purchase of Trillium stock for $18.50 per share in cash which represents a purchase price of $2.22 billion.

Trillium brings a portfolio that includes biologics designed to enhance the ability of patients’ innate immune system to detect and destroy cancer cells. Its novel molecules are emerging as a key immune checkpoint in hematological malignancies, cancers that affect blood, bone marrow, and lymph nodes.

More than 1 million people worldwide have been diagnosed with some form of blood cancer in just 2020 which represents nearly 6% of all cancer diagnoses.

“We are proud to bring Trillium’s leading scientific talent and pipeline into Pfizer,” said Chris Boshoff, MD, PhD, chief development officer, oncology, Pfizer Global Product Development. “Today’s announcement combines Pfizer’s research and global development capabilities with Trillium’s innovative discoveries, allowing us to accelerate breakthroughs that change patients’ lives.”