Biodel Inc. and Albireo Limited Agree to Combine - Seite 2

Upon closing of the transaction, Biodel will change its name to Albireo Pharma, Inc. and plans to change its ticker symbol on the NASDAQ Capital Market to ALBO. Ron Cooper, Albireo's President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company.

"This transaction with Biodel and concurrent financing is expected to provide Albireo with sufficient capital to advance our lead product candidate, A4250, through an important Phase 2 clinical readout later this year and a subsequent planned pivotal trial in PFIC," said Mr. Cooper. "We believe A4250 has potential to greatly benefit patients suffering from a devastating orphan pediatric liver disease with no approved drug treatment options."

"Following an extensive and thorough review of strategic alternatives, we concluded that the transaction with Albireo provides Biodel stockholders with a significant equity stake in a biopharmaceutical company with promising clinical assets and substantial upside opportunity," said Gary Gemignani, Chief Executive Officer of Biodel. "We are optimistic that the promise of Albireo's pipeline and the strength of its leadership team, coupled with Biodel's cash resources, will enable the combined company to reach significant milestones."

About the Proposed Transaction

The proposed transaction has been approved by the boards of directors of both companies and by the Albireo stockholders. It is expected to close in the third calendar quarter of 2016, subject to the approval of the Biodel stockholders and other customary conditions. The share exchange agreement contains further details with respect to the proposed transaction.

Biodel's financial advisor for the transaction is Ladenburg Thalmann & Co. Inc., and Biodel's legal counsel is Cooley LLP. Albireo's financial advisor for the transaction is Guggenheim Securities, and Albireo's legal counsels are Ropes & Gray LLP, Mintz Levin Cohn Ferris Glovsky and Popeo PC and Bristows LLP.

Management and Organization

Ron Cooper will serve as the President and Chief Executive Officer of the combined company, with David Chiswell serving as the Chairman of the board of directors. The board of directors of the combined company will be comprised of seven members, including five members to be designated by Albireo and two members of Biodel's current board of directors.