Maryland biotech Altimmune Inc. has reached an agreement to acquire California drug developer Spitfire Pharma Inc. in a move that sent the local company’s stock skyrocketing Tuesday.
Under the deal, Gaithersburg-based Altimmune (NASDAQ: ALT) will make a $5 million upfront payment in common stock to Spitfire's equity holders, who could also receive $8 million in future clinical and regulatory milestone payments and up to $80 million in sales milestones, the company reported.
