Thinly traded nano cap Altimmune (NASDAQ:ALT) is up 10% premarket on modest volume on the heels of its announcement that it has agreed to acquire Spitfire Pharma for up to $93M.
Under the terms of the deal, Spitfire shareholders will receive $5M in ALT common stock upfront, up to $8M in regulatory and clinical milestones (either cash or ALT stock) and up to $80M in sales-based milestones.
The top prize is pipeline candidate SP-1373 (to be renamed ALT-801), a GLP-1/Glucagon receptor co-agonist for the treatment of nonalcoholic steatohepatitis (NASH).
ALT hosted a conference call this morning at 8:30 am ET to discuss the transaction.
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