Pfizer Inc. PFE announced Monday that it entered into a definitive agreement to acquire Trillium Therapeutics Inc TRIL for an implied equity value of $2.26 billion, or $18.50 per share.
Pfizer's acquisition of Trillium is just the beginning of the company putting money to work in order to eliminate its patent cliff, Jim Cramer said Monday on CNBC's "Squawk On The Street."
Cramer expects "many acquisitions" to follow so that Pfizer can eliminate longer-term worry from investors.
Pfizer has "endless firepower" and the company is going to use it, Cramer said.
"If it's an oncological franchise, buy the stock," he said: "Every major company believes that is still where you can make the most money."
Trillium has a terrific oncological platform, Cramer noted. Trillium is a clinical-stage immuno-oncology company that is engaged in developing therapies for the treatment of cancer.
Cramer told CNBC that investors should pay close attention to oncological stocks that have been beaten down and are about to start trials.
PFE Price Action: Pfizer has traded as high as $51.86 and as low as $32.80 over a 52-week period.
At last check Monday, the stock was up 2.76% at $50.28.
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