Altimmune Signs Definitive Agreement to Acquire Spitfire Pharma, Inc. Adding NASH Drug Candidate to Portfolio


2019-07-11 11:27:00 BioSpace


Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced that it has entered into an agreement to acquire Spitfire Pharma, Inc. (Spitfire) 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. “NASH is a significant unmet need. There are no approved treatments available, and prevalence is growing worldwide as a consequence of an expanding obesity epidemic. Compelling preclinical data generated by Spitfire suggests that ALT-801 could reverse obesity, a primary cause of NASH, thereby reducing excess liver fat, inflammation and fibrosis associated with the disease” said Dr. Vipin K. Garg, Ph.D., President and Chief Executive Officer of Altimmune. “The addition of this exciting product candidate to our portfolio is a transformative transaction for Altimmune.” ALT-801 builds on the Company’s liver disease expertise being developed in Altimmune’s HepTcellTM program for treating chronic hepatitis B and continues to build and leverage the Company’s deep knowledge of developing novel peptide-based therapeutics. “We believe strongly in the potential of ALT-801 to become an important treatment for NASH and are excited to find a partner with the resources and experience to see this candidate through clinical development,” said David Collier, CEO of Velocity Pharmaceutical Development and Managing Director of Presidio Partners. “ALT-801 offers a compelling value proposition, and we look forward to participating in its advancement as shareholders of Altimmune.”
AltImmun , Inc .( Nasdaq : ALT ),一家临床阶段的生物制药公司,今天宣布已达成协议,收购 Spitfire Pharma , Inc .( Spitfire ),包括其产品候选 SP-1373(将更名为 ALT-801)。治疗非酒精性脂肪性肝炎( NASH )的强效 GLP-1/ Glucgon 受体共同激动剂。根据惯例成交条件,本次交易预计于2019年7月完成。 Spitfire 是 Presidio Partners 的投资组合公司,由 John J . Nestor Jr . Ph.D .和 Velocity Pharmaceutical Development , LLC 成立,其唯一目的是开发 NASH 候选药物 SP-1373。Spitfire 股东将收到 Alt免疫性普通股500万美元的预付款,并有资格在未来的监管和临床里程碑中获得800万美元的现金或普通股。Spitfire 的股东也有资格获得高达8000万美元的销售里程碑。发行普通股以满足里程碑付款,须根据纳斯达克规则获得股东批准。 “ NASH 是一个未得到满足的重要需求。目前还没有批准的治疗方法,而且由于肥胖流行病的扩大,世界范围内的流行率正在增加。增强 Spitfire 产生的临床前数据表明 ALT-801可以逆转肥胖,这是 NASH 的主要原因,从而减少与疾病相关的肝脂肪过多、炎症和纤维化。“在我们的产品组合中加入这一令人兴奋的产品候选者,对 Alt免疫性来说是一项变革性交易。” ALT-801建立在 AltImmun 公司治疗慢性乙型肝炎 HepTcellTM 项目正在开发的公司肝病专业知识的基础上,并继续建立和利用公司开发新型多肽治疗药物的深厚知识。 Velocity Pharmaceutical Development 首席执行官兼 Presidio Partners 董事总经理 David Collier 表示:“我们坚信 ALT-801有潜力成为 NASH 的一种重要治疗手段,我们很高兴找到一个拥有资源和经验的合作伙伴,通过临床开发看到这一候选人。”“ ALT-801提供了极具吸引力的价值主张,我们期待着作为 AltImmunity 的股东参与其发展。”