Biotech Values

[DewDiligence]

PIP reverse merges into Altimmune—will trade under ‘ALT’ symbol:

http://finance.yahoo.com/news/pharmathene-altimmune-announce-merger-create-113000807.html

PharmAthene, Inc. (NYSE MKT: PIP) and Altimmune, Inc., a privately-held immunotherapeutics company targeting infectious diseases, announced today the signing of a definitive agreement for the merger of PharmAthene and Altimmune in an all-stock transaction. Altimmune's current investors include Novartis Venture Fund, HealthCap, Truffle Capital and Redmont Capital. 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.

…PharmAthene will issue shares of common stock to Altimmune shareholders such that Altimmune equity holders will own 58.2% of the fully-diluted equity of the combined company. The combined company, which will operate as a public company under the name Altimmune, is expected to trade on the NYSE MKT under the ticker symbol ALT.

PIP’s $2.91/sh special dividend stems from the successful litigation with SIGA (who ended up filing for bankruptcy).