Altimmune inks deal to acquire Spitfire Pharma and its NASH candidate
Category: #health  By Saif Ali Bepari  Date: 2019-07-16
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Altimmune inks deal to acquire Spitfire Pharma and its NASH candidate

Altimmune, Inc., a clinical stage biopharma company, has recently confirmed the closing of a formerly announced acquisition of Spitfire Pharma, Inc., including the strong GLP-1/Glucagon receptor co-agonist product candidate ALT-801 for treating non-alcoholic steatohepatitis (NASH).

According to President and Chief Executive Officer of Altimmune, Dr. Vipin K. Garg, Ph.D., for Altimmune this is a vital milestone in its journey and now company is turning its attention to rapidly moving ALT-801 towards the clinic and generating proof of concept data in human trials.

Sources familiar with the matter mentioned that in connection with the closing, Altimmune will formally issue 1,887,250 unregistered shares of its common stock as an open consideration, indicating an amount equal to $5.0 million less transaction expense alteration amounts and working capital. The payment will made to the equity shareholders of Spitfire.

Apparently, the number of shares to be issued was finalized based on the average of the closing prices of the common stock of the company as stated on the Nasdaq Global Market for the twenty successive trading days prior to and including July 8,2019, the date on which the definitive agreement was signed.

Under this agreement, Spitfire equity holders could also be awarded $8 million in regulatory and future clinical milestone payments, along with around $80 million in sales milestones. Seemingly, the product is scheduled to enter clinical development in 2020, with a phase 1 clinical trial on the prospect for 2021. The company expects that around $10 million budget will be utilized to achieve the goal.

For the uninitiated, Altimmune is company focused mainly on developing immune modulating and liver disease therapies. The diverse pipeline of the company includes conjugated immunostimulants for the treatment of cancer, chronic Hepatitis B, future generation peptide therapeutics for NASH, and intranasal vaccines.

 

Source Credits:

https://www.globenewswire.com/news-release/2019/07/15/1882481/0/en/Altimmune-Announces-Closing-of-Acquisition-of-Spitfire-Pharma-Inc.html



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Saif Ali Bepari

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Saif Ali Bepari

Saif Ali Bepari currently works a content writer for Market Size Forecasters, Algosonline, and numerous other platforms. A Computer Science graduate who has a zest for writing over coding, he has previously dabbled into technical and creative writing. He now pens down...

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