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Altimmune to go public in merger with PharmAthene

Altimmune Inc. is going public in a reverse merger transaction with PharmAthene Inc.

The companies plan to merge in an all-stock transaction, with the resulting entity operating under the Altimmune name.

Shareholders of privately held Altimmune will own 58.2% of the combined company, while Altimmune CEO Bill Enright and CFO Elizabeth Czerepak will maintain their positions at the combined business.

The new board will initially comprise three PharmAthene and four Altimmune directors overseeing $20 million in cash and cash commitments as well as four clinical-stage product candidates and one preclinical product.

The merger, which is backed by the boards of both companies, is subject to approval from PharmAthene and Altimmune shareholders.

The merger does not affect PharmAthene's previously announced one-time cash dividend of $2.91 per share as a result of a settlement payment from SIGA Technologies Inc.

Piper Jaffray & Co. advised Altimmune on the transaction.