// startup autopsy
Trillium Therapeutics
The cancer immunotherapy pioneer that Pfizer couldn't resist buying
acquisition gone wrongFire Sale
Distressed acquisition below last-round valuation · Fatal mistake: As a clinical-stage biotech without commercialization infrastructure, Trillium was always more valuable as an acquisition target than as an independent company, limiting its long-term strategic options.
Key Events Timeline
FOUNDING
Trillium Therapeutics founded in Canada to develop novel cancer immunotherapy approaches targeting innate immune checkpoints.
FUNDING
Secured early-stage funding and began advancing CD47-blocking antibody candidates toward clinical trials.
PRODUCT LAUNCH
Initiated Phase 1 clinical trials for TTI-621 in hematologic malignancies, generating significant scientific and investor attention.
FUNDING
Received major investment from Pfizer, signaling strategic interest in Trillium's CD47 immunotherapy platform and upcoming acquisition.
SHUTDOWN
Pfizer completed its $2.26B acquisition of Trillium Therapeutics, ending the company's independent existence and folding its CD47 pipeline into Pfizer's oncology portfolio.