Albireo Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Albireo Pharma (Nasdaq: ALBO) has granted inducement stock options for 18,500 shares at $30.37 each as part of employee recruitment. These options will vest over four years, with 25% vesting after one year and the remainder in quarterly installments. The grant complies with Nasdaq Listing Rule 5635(c)(4). Albireo is focused on developing bile acid modulators for rare liver diseases, with its lead product, Bylvay, under FDA Priority Review, targeting a PDUFA goal date of July 20, 2021. The company was recognized as one of the Best Places to Work in Massachusetts in 2020.

Positive

• Grant of 18,500 stock options could attract and retain talent.
• Bylvay's FDA Priority Review enhances its market potential.
• Recognition as one of the Best Places to Work may improve employee satisfaction and retention.

Negative

• None.

BOSTON, May 07, 2021 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage rare liver disease company developing novel bile acid modulators, today announced the grant of inducement stock options exercisable for an aggregate of 18,500 shares of Albireo’s common stock. The stock options are exercisable at a price of $30.37 per share, the closing price of Albireo’s common stock on May 4, 2021, the grant date, and were granted as inducements material to the employee’s acceptance of employment with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option has a 10-year term and vests over a four-year period, subject to the employee’s continued service with Albireo through the applicable vesting dates. The vesting schedule for each stock option is 25 percent on the one-year anniversary of the employee’s start date with Albireo and 75 percent in 12 equal quarterly installments thereafter. The stock options are subject to the terms and conditions of Albireo’s 2020 Inducement Equity Incentive Plan.

About Albireo
Albireo Pharma is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases. Albireo’s lead product candidate, Bylvay, is being developed to treat rare pediatric cholestatic liver diseases with Phase 3 trials in PFIC, Alagille syndrome and biliary atresia. For PFIC, the FDA recently granted Priority Review and set a PDUFA goal date of July 20, 2021. In Europe, the EMA validated MAA. Bylvay is the only IBATi granted accelerated assessment by the EMA. Bylvay has been provisionally accepted by both the FDA and EMA as the brand name for odevixibat. The Company has also initiated a Phase 1 clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies moving ahead with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. The Boston Business Journal named Albireo one of the 2020 Best Places to Work in Massachusetts for the second consecutive year. For more information on Albireo, please visit www.albireopharma.com.

Media & Investor contacts:
Colleen Alabiso, 857-356-3905, colleen.alabiso@albireopharma.com

Hans Vitzthum, LifeSci Advisors, LLC., 617-430-7578

FAQ

What stock options were granted by Albireo Pharma on May 7, 2021?

Albireo Pharma granted inducement stock options for 18,500 shares at an exercise price of $30.37 per share.

What is the vesting schedule for Albireo's stock options?

The stock options vest over four years: 25% after one year and the remaining 75% in 12 equal quarterly installments.

What is the FDA Priority Review for Bylvay at Albireo?

Bylvay is under FDA Priority Review with a PDUFA goal date set for July 20, 2021, targeting rare pediatric cholestatic liver diseases.

How has Albireo Pharma been recognized in 2020?

Albireo was named one of the Best Places to Work in Massachusetts for the second consecutive year by the Boston Business Journal.