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Investing.com -- Altimmune Inc (NASDAQ:ALT) stock dropped 6.3% on Monday after the company announced a leadership transition plan that will see CEO Vipin Garg step down effective January 1, 2026.
The late clinical-stage biopharmaceutical company, which focuses on peptide-based therapeutics for liver and metabolic diseases, revealed that current Chairman Jerry Durso will assume the CEO role while retaining his position as Chairman. Garg will serve as an advisor through June 30, 2026, to ensure a smooth transition.
Garg has led Altimmune since 2018, during which time the company’s lead pipeline candidate, pemvidutide, advanced from preclinical status to a Phase 3 ready program for metabolic dysfunction-associated steatohepatitis (MASH). The drug is also in Phase 2 clinical programs for alcohol use disorder and alcohol-associated liver disease.
"Serving as CEO of Altimmune over the last seven years has been an honor and privilege," said Garg in the announcement. "Pemvidutide presents an opportunity to change the standard of care for people with liver disease and Jerry is exceptionally well-suited to drive this program and Altimmune forward."
Durso, who joined Altimmune’s board in February 2025 and became Chairman in August, previously served as CEO of Intercept Pharmaceuticals, where he led the company through its acquisition by Alfasigma. Before Intercept, he spent over 20 years at Sanofi in various leadership roles.
Altimmune expects to report 48-week data from its IMPACT Phase 2b trial before year-end and has scheduled an End-of-Phase 2 meeting with the FDA this quarter to discuss its proposed Phase 3 MASH program design.
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