Alexza Pharmaceuticals, Inc. announced that on February 15, 2016 it had entered into a non-binding letter of intent with Grupo Ferrer Internacional, S.A. with respect to Ferrer’s proposed acquisition of all outstanding common shares of the company.

The letter of intent, which was described in Ferrer’s recent Schedule 13D filing, does not constitute a binding agreement to consummate such acquisition and it entitles both Alexza and Ferrer to terminate discussions at any time in their sole discretion. Additionally, Alexza can, at its discretion, enter into discussions with third parties and continue to explore strategic options. There can be no assurance that such potential transaction will be agreed to or consummated.

The entering into the letter of intent follows exploration of strategic options that the company announced previously. On September 28, 2015, the company announced that it had retained Guggenheim Securities, LLC to assist in exploring strategic options to enhance stockholder value, including a possible sale or disposition of one or more corporate assets, a strategic business combination, partnership or other transactions.

Alexza’s Board of Directors will review and carefully evaluate the terms of the potential transaction with its financial and legal advisors. Neither the board nor the company intends to comment further at this time.

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