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

Rhea-AI Summary

Albireo Pharma (Nasdaq: ALBO) announced the grant of inducement stock options for 15,000 shares and restricted stock units for 3,500 shares, both at an exercise price of $29.50, the closing price on September 7, 2021. These grants incentivize new hires and vest over four years, with 25% vesting after the first year. Albireo focuses on developing novel bile acid modulators for rare pediatric liver diseases, with its product Bylvay already approved by the U.S. FDA for specific conditions. The company also has ongoing Phase 3 trials and a Phase 1 clinical trial for additional treatments.

Positive

• Inducement stock options and restricted stock units granted to attract talent.
• Bylvay approved by the U.S. FDA as the first drug for pruritus in PFIC.
• Ongoing Phase 3 trials in Alagille syndrome and biliary atresia.

Negative

• None.

BOSTON, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a rare pediatric liver disease company developing novel bile acid modulators, today announced the grant of inducement stock options exercisable for an aggregate of 15,000 shares of Albireo’s common stock and restricted stock units representing the opportunity to acquire 3,500 shares of Albireo’s common stock. The exercise price for the inducement grants is $29.50 per share, the closing price of Albireo’s common stock on September 7, 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 rare disease company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases. Albireo’s product, Bylvay, was approved by the U.S. FDA as the first drug for the treatment of pruritus in all types of progressive familial intrahepatic cholestasis (PFIC), and is also being developed to treat other rare pediatric cholestatic liver diseases with Phase 3 trials in Alagille syndrome and biliary atresia, as well as an Open-label Extension (OLE) study for PFIC. In Europe, Bylvay has been approved for the treatment of PFIC and has been submitted for pricing and reimbursement approval. 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 Contact: 
Colleen Alabiso, 857-356-3905, colleen.alabiso@albireopharma.com
Lauren Sneider, 857-300-1737, lauren.sneider@albireopharma.com

Investor Contact: 
Hans Vitzthum, LifeSci Advisors, LLC., 617-430-7578

FAQ

What are the recent stock option grants by Albireo Pharma?

Albireo Pharma granted inducement stock options for 15,000 shares and restricted stock units for 3,500 shares at an exercise price of $29.50.

How does the vesting schedule for Albireo's stock options work?

The stock options vest over four years, with 25% vesting on the first anniversary and the remaining 75% in 12 quarterly installments.

What is Bylvay and its significance for Albireo Pharma?

Bylvay is Albireo's FDA-approved drug for the treatment of pruritus in PFIC, marking a significant advancement in rare pediatric liver disease treatments.

What clinical trials is Albireo currently conducting?

Albireo is conducting Phase 3 trials for Alagille syndrome and biliary atresia, as well as a Phase 1 trial for A3907 in adult cholestatic liver disease.