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Three Big Biotech Movers: Insider MonkeyHere Are Three Big Biotech Movers And Our Take On What’s Next Published on October 28, 2016 at 11:20 am by Market Exclusive in Market Movers,News,Stock Analysis Finally, Biodel Inc (NASDAQ:BIOD). This one isn’t as straightforward. To simplify the situation, Biodel is looking to merge with a private company called Albireo. The two are hoping to combine in what is essentially a reverse merger for Albireo using Biodel as a vehicle through which to gain a quick NASDAQ listing. If it is succesfull, the combined entity will focus on diseases of the liver, and attempt to push forward a pipeline that comprises primarily Albireo’s assets. However, in order for the deal to go through, Biodel needs to persuade its shareholders that it is in their interests, and these shareholders need to vote by way of a proxy to approve the merger. The company set up an annual meeting at which it had hoped to gain enough votes to push the merger though, but by the proposed date, it was unable to secure said requirement. As such, the meeting has now been delayed and pushed back to November 3. Between now and then, Biodel will be contacting investors essentially begging them for their vote. The company is down from a market cap perspective, based on this fact. We think, however, that the vote will eventually go through, as while it’s not a great exit for investors, it’s better for them than Biodel Inc (NASDAQ:BIOD) pushing forward alone with a diminished pipeline. |
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