PharmAthene (NYSEMKT:PIP) and privately held Altimmune ink an agreement to merge in an all-stock transaction. Under the terms of the deal, Altimmune will become a wholly owned subsidiary of PharmAthene although Altimmune shareholders will own 58.2% of the shares in the combined company. Shares will trade on the NYSE MKT under the symbol "ALT."
Altimmune CEO Bill Enright and CFO and EVP of Corporate Development Elizabeth Czerepak will continue to serve in their roles in the post-merger organization which should have ~$20M in quick assets.
The transaction will not affect PIP's previously announced one-time cash dividend of $2.91 per common share.