Altimmune Inc. acquires Spitfire Pharma and with it NASH product candidate SP 1373

Altimmune, Inc.a clinical-stage biopharmaceutical company, announced that it has entered into an agreement to acquire Spitfire Pharma, Inc. 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 (NASH). 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 $5 million in Altimmune common stock and will be eligible to receive an additional $8 million in future regulatory and clinical milestones payable in cash or common stock. Spitfire shareholders are also eligible to receive up to $80 million 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.