PharmAthene and Altimmune announce merger
US biodefense drug specialist PharmAthene (NYSE MKT: PIP) and Altimmune, a privately-held immunotherapeutics company targeting infectious diseases, have signed a definitive agreement for their merger in an all-stock transaction.
Financial terms of the transaction have not been disclosed but the news saw PharmAthene’s shares edge 1.47% to $3.45, giving it a market capitalization of around $215.5 million.
The combined company will be a fully-integrated and diversified immunotherapeutics company with four clinical stage and one preclinical stage programs. The proposed transaction does not affect PharmAthene's previously-announced special one-time cash dividend of $2.91 per share of common stock.
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