Albireo AB entered into a definitive share exchange agreement to acquire Biodel Inc. (NasdaqCM:BIOD) in a reverse merger on May 24, 2016. Under the terms of the share exchange agreement, Albireo stockholders have agreed to exchange their shares of Albireo for newly issued shares of Biodel common stock. On a pro forma basis, Biodel stockholders are expected to own approximately 33.9%, and Albireo stockholders are expected to own approximately 67.1%, of the combined company, subject to certain adjustments based on net cash of Biodel and Albireo prior to closing. 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 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. As per the terms, Biodel may be required to pay Albireo a termination fee of $1.1 million. The transaction is subject to the approval of the stockholders of Biodel, resignation of Directors of Biodel, listing of shares on exchange, lock-up agreement and other customary closing conditions and has been approved by the Boards of Directors of both companies and by the Albireo stockholders. The deal is expected to close in the third quarter of 2016. As of July 13, 2016, Albireo AB entered into an amended exchange agreement to acquire Biodel Inc. The agreement eliminates registration requirements applicable to the shares of the Biodel’s common stock issuable in the transaction, provides for Biodel to instead file a standalone proxy statement with the Securities and Exchange Commission. The Biodel shareholder meeting will be held on October 24, 2016. The Biodel shareholder meeting has been postponed to October 27, 2016. Ladenburg Thalmann & Co. Inc. acted as financial advisor was paid advisory fee of $1.2 million and Marc Recht and Miguel J. Vega of Cooley LLP acted as legal advisors for Biodel Inc. Guggenheim Securities, LLC acted as financial advisor and Marc A. Rubenstein of Ropes & Gray LLP, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Bristows acted as the legal advisors for Albireo AB. Continental Stock Transfer & Trust Company, Inc. acted as transfer agent for Biodel. Morrow Sodali Global LLC acted as information agent for Biodel was paid $30,000 as advisory fee. Albireo AB completed the acquisition of Biodel Inc. (NasdaqCM:BIOD) in a reverse merger on November 3, 2016. The shareholders of Biodel Inc. approved the transaction on November 3, 2016.