Pfizer is spending more than $2 billion in cash to buy a drugmaker focused on cancer treatments.

Pfizer will pay $18.50 for each share of Trillium Therapeutics Inc., or more than double the stock’s 60-day weighted average price.

Trillium has no products on the market. Its potential treatments include biologics that aim to prime a patient’s immune system to detect and destroy cancer cells. Its two lead candidates are in early stage testing and focus on hematology. That includes blood, bone marrow and lymph node cancers such as leukemia or lymphoma.

The deal will need approval from Trillium shareholders. Pfizer invested $25 million in Trillium in September.