Mar. 30 at 6:12 PM
$ALT Just in case
$NVO $LLY $SNY needs a template:
[Draft] Unsolicited Proposal for Altimmune, Inc.
Date: March 30, 2026
To: Jerome Durso, CEO and the Board of Directors, Altimmune, Inc.
From: CEO of [Big Pharma Co.]
Dear Jerome,
On behalf of [Big Pharma Co.], I am writing to express our high regard for Altimmune and the clinical progress you have achieved with pemvidutide. We have closely followed your data in obesity and MASH and believe that our global commercial infrastructure is the ideal platform to maximize the value of this asset for patients and shareholders alike.
The Proposal
We are prepared to acquire all outstanding shares of Altimmune for
$9.50 per share in cash. This represents a:
228% premium over your current trading price of
$2.89.
170% premium over your 30-day volume-weighted average price.
Rationale and Certainty
Our offer is not subject to any financing contingencies. We have completed extensive outside-in due diligence and are prepared to move to a definitive agreement within 10 days. We believe the market is currently failing to recognize the intrinsic value of your pipeline, creating an environment of uncertainty for your investors.
Our Commitment to Negotiations
While we prefer to complete this transaction in a friendly and collaborative manner, our primary obligation is to our own shareholders, and we believe your shareholders deserve the opportunity to realize this significant and immediate liquidity.
We are disappointed that our previous private inquiries have not led to a productive dialogue. We hope the Board will now act in accordance with its fiduciary duties to maximize value for all Altimmune stockholders.
We look forward to your prompt response by April 10th.
Sincerely,
[CEO Name]
[Big Pharma Co.]
