LIMINAL BIOSCIENCES ANNOUNCES COMPLETION OF THE PLAN OF ARRANGEMENT WITH STRUCTURED ALPHA LP

LAVAL, QC and CAMBRIDGE, England, Sept. 26, 2023 /PRNewswire/ -- Liminal BioSciences Inc. ("Liminal BioSciences" or the "Company") is pleased to announce that the transaction contemplated by the previously announced statutory plan of arrangement under the provisions of the Canada Business Corporations Act involving the Corporation and Structured Alpha LP ("SALP"), a limited partnership managed by its general partner, Thomvest Asset Management Ltd., was completed earlier today (the "Arrangement"). Pursuant to the Arrangement, SALP acquired all of the issued and outstanding common shares of Liminal BioSciences (the "Shares") not currently owned by SALP or its affiliates and associates (the "Minority Shares") at a price of US$8.50 per Share, payable in cash (the "Consideration").

Registered holders of Minority Shares ("Minority Shareholders") are reminded that in order to receive any Consideration that they are entitled to, they must properly complete, sign and return the letter of transmittal to Computershare Investor Services Inc., as depositary, together with the share certificate(s) and/or Direct Registration System (DRS) Advice(s) representing Shares formerly held by them. Minority Shareholders who hold their Shares through a broker, investment dealer or other intermediary should carefully follow the instructions provided by such broker, investment dealer or other intermediary.

As a result of the Arrangement, the Shares will no longer be listed on the Nasdaq Capital Market. In addition, the Company will submit an application to cease to be a reporting issuer under applicable Canadian securities law, will file a certification and notice on Form 15 with the U.S. Securities and Exchange Commission to suspend its reporting obligations under U.S. securities laws and will otherwise terminate the Company's public reporting requirements.

About Liminal BioSciences Inc.

Liminal BioSciences is a development stage biopharmaceutical company focused on discovering and developing novel and distinctive small molecule therapeutics that modulate G protein-coupled receptors, or GPCR, pathways. Liminal BioSciences is designing proprietary novel small molecule therapeutic candidates with the intent of developing best/first in class therapeutics for the treatment of metabolic, inflammatory and fibrotic diseases with significant unmet medical needs, using our integrated drug discovery platform, medicinal chemistry expertise and deep understanding of the GPCR biology. Liminal BioSciences' pipeline is currently made up of three programs. The candidate selected for clinical development, LMNL6511, a selective antagonist for the GPR84 receptor, is expected to commence a Phase 1 clinical trial in the second half of 2023. Liminal BioSciences is also developing LMNL6326 as an antagonist for the OXER1 receptor, targeting treatment of eosinophil-driven disease, and GPR40 agonists, both of which are at the preclinical stage. In addition to these programs, Liminal BioSciences continues to explore other development opportunities to add to its pipeline.