Altimmune to acquire Spitfire Pharma, add NASH drug candidate to portfolio
Altimmune announced that it has entered into an agreement to acquire Spitfire Pharma, including its product candidate SP-1373, to be renamed ALT-801, a potent GLP-1/Glucagon receptor co-agonist for the treatment of non-alcoholic steatohepatitis. The transaction is expected to close during July 2019, subject to customary closing conditions. Spitfire, a portfolio company of Presidio Partners, was founded by John J. Nestor, Jr., Ph.D. and Velocity Pharmaceutical Development, LLC, for the sole purpose of developing the NASH drug candidate, SP-1373. Spitfire shareholders will receive an upfront payment of $5M in Altimmune common stock and will be eligible to receive an additional $8M in future regulatory and clinical milestones payable in cash or common stock. Spitfire shareholders are also eligible to receive up to $80M in sales-based milestones. The issuance of common stock to satisfy the milestone payments is subject to stockholder approval in accordance with Nasdaq rules. ALT-801 builds on the Company's liver disease expertise being developed in Altimmune's HepTcell program for treating chronic hepatitis B and continues to build and leverage the Company's deep knowledge of developing novel peptide-based therapeutics.