On January 22, 2016, Biodel signed an engagement letter with Ladenburg to formally engage the financial advisor to assist and advise Biodel in its review of potential strategic alternatives. That same day, Ladenburg began sending bid proposal letters to a broad selection of private and public companies in the life sciences industry outlining the materials potential merger candidates were expected to provide to Biodel and Ladenburg when expressing interest in combining with Biodel. In total, Ladenburg sent out bid letters to approximate 130 companies. Of the 130 bid letters sent, 53 nonbinding formal proposals were received and 30 companies executed confidential disclosure agreements with Biodel. In evaluating potential merger partners, Biodel considered a variety of criteria, including the quality of the target company?s management team, anticipated value inflection points within six to 18 months, its therapeutic area, its current investor backing and the level of certainty of sufficient cash on hand post-transaction to carry out the target company?s business plan.
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