# EDGAR Filing Document

**Accession Number:** 0001322505
**File Stem:** 0001104659-23-001995
**Filing Date:** 2023-1
**Character Count:** 108321
**Document Hash:** 15e3c87c5f41dee9e589a9d07c218549
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-001995.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001104659-23-001995

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALBIREO PHARMA, INC.
- **CENTRAL INDEX KEY:** 0001322505
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83386
- **FILM NUMBER:** 23516436

**BUSINESS ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 857-415-4774

**MAIL ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Biodel Inc
- **DATE OF NAME CHANGE:** 20050331
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALBIREO PHARMA, INC.
- **CENTRAL INDEX KEY:** 0001322505
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 857-415-4774

**MAIL ADDRESS:**
- **STREET 1:** 10 POST OFFICE SQUARE
- **STREET 2:** SUITE 502 SOUTH
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Biodel Inc
- **DATE OF NAME CHANGE:** 20050331

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14D-9**

**SOLICITATION/RECOMMENDATION STATEMENT<br> UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934**

**ALBIREO PHARMA, INC.**

**(Name of Subject Company)**

**ALBIREO PHARMA, INC.**

**(Name of Person Filing Statement)**

**Common Stock, $0.01 par value per share**

**(Title of Class of Securities)**

**01345P106<br> (CUSIP Number of Class of Securities)**

**Jason G. Duncan<br> Chief Legal Officer, General Counsel and Secretary<br> Albireo Pharma, Inc.<br> 53 State Street, 19th Floor<br> Boston, Massachusetts, 02109<br> (857) 254-5555**

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications<br> on Behalf of the Person Filing Statement)**

***With copies to:***

**Krishna Veeraraghavan<br> Paul, Weiss, Rifkind, Wharton & Garrison LLP<br> 1285 Avenue of the Americas<br> New York, NY 10019-6064<br> (212) 373-3000**

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

· [Email to All Employees (Exhibit 99.1)](tm232677d2_ex99-1.htm)

· [Employee FAQ (Exhibit 99.2)](tm232677d2_ex99-2.htm)

· [Patient Advocacy Group Letter (Exhibit 99.3)](tm232677d2_ex99-3.htm)

· [Partner Letter (Exhibit 99.4)](tm232677d2_ex99-4.htm)

· [Payor Letter (Exhibit 99.5)](tm232677d2_ex99-5.htm)

· [Physician / HCP Letter (Exhibit 99.6)](tm232677d2_ex99-6.htm)

· [Social Media Posts (Exhibit 99.7)](tm232677d2_ex99-7.htm)

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| **From:** | Ron Cooper |
| **To:** | All Albireo Employees |
| **Subject:** | Albireo's Next Chapter! |

---

Dear A-Team,

Today marks the beginning of an exciting new chapter for Albireo! Moments ago, we announced that we have entered into a definitive agreement to be acquired by Ipsen, a global biopharmaceutical company with offices worldwide, including in Cambridge, MA. This all-cash transaction will allow Albireo to build on our foundation to accelerate the development of innovative medicines and improve the lives of patients living with rare pediatric and adult liver diseases. More details are included in the press release [INSERT HYPERLINK] issued this morning.

I know that this announcement may come as a surprise to you and it immediately raises questions like: *What does this mean for our wonderful products? What does this mean for me?* In this email, I will try to provide some information on both topics, but we will have upcoming opportunities in the coming days and weeks to discuss this further.

This transaction is a testament to what we have accomplished as a company. How? Through the strength of our team and our unrelenting commitment to providing hope for families around the world. Over the last year, we made tremendous progress delivering on our commitments. This has culminated in the successful approval and launch of Bylvay, which helped hundreds of patients with PFIC and their families in its first year. We also significantly expanded our reach to improve the lives of patients in other rare disease areas. This includes submitting regulatory filings to approve Bylvay in the U.S. and EU for use in patients with ALGS, fully enrolling the Phase 3 BOLD study for BA patients and successfully progressing A3907 and A2342 into clinical development. We've achieved many important milestones, and each step of the way, have remained grounded in our mission and values of being a *Patient First* company committed to a gold standard approach to research and development. We have always been focused on patients and as we look to our future, we're confident that joining forces with Ipsen is the right next step to make sure more patients around the world gain access to innovative medicines sooner, because we know many of them can't wait.

In Ipsen, we found a partner that shares our passion for improving the lives of patients and providing hope for families living with the burden of liver disease. Ipsen has established itself as a global leader in the healthcare industry with a proven track record of driving new standards of excellence in innovation and specialty care, and registered medicines in more than 100 countries. Ipsen has built a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. Ipsen's commitment to shaping positive change goes beyond medicine, and it takes an active role in creating a better, healthier world for future generations through its Generation Ipsen initiative. Like Albireo, Ipsen views its people as their strongest asset and is investing in our company because it sees the tremendous value in the deep bench of talent and highly advanced rare disease portfolio we have developed together.

With the benefit of Ipsen's global scale, strong commercial platform and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the global cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

While this transaction means we will be changing ownership, neither our *Patient First* strategy nor our values are changing. Ipsen is committed to investing in the development of our team, pipeline and medicines, and I believe this transaction will offer exciting new career opportunities for our employees as we become part of a larger, global organization.

It is important to remember that this was just announced, and there are approvals and conditions we will need to satisfy before the transaction is complete. Until completion, which is expected to occur by the end of the first half of 2023, it is business as usual. The most important thing you can do is to ensure more patients get access to our important medicines by continuing to focus on your personal deliverables.

Attached is an FAQ to address some topics we expect you might be wondering about, and there will be a townhall at 9:30am ET/3:30pm CET today to discuss this announcement in more detail. I know many of you will have questions about what this announcement means for our team. While we do not have all the answers yet, we are committed to keeping you updated.

Today's news may generate increased interest in our company. Please direct any inquiries you receive from the media, analysts or investors to Colleen Alabiso at colleen.alabiso@albireopharma.com or 617-999-7851. I would ask that you refrain from any personal social media posts at this time and restrict yourself to sharing any corporate approved postings.

I cannot thank each and every one of you enough for what you have contributed. The opportunities this transaction will create for our people and our patients, is the result of your focus, dedication, passion and success. I love this team, I love our science and I love this company. I also love the idea of being able to do more for more patients, more quickly around the world.

I am so proud of how far we have come together as a team and look forward to seeing all that will be accomplished in the next chapter.

See you later today at the Townhall!

Best regards,

Ron

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this communication has not yet commenced. This communication is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

Tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this communication regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the CVR agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.2

**Exhibit 99.2**

***TO BE ATTACHED TO THE EMPLOYEE EMAIL AS A PDF, INSERTED IN THE LEADER TOOLKIT AND DISTRIBUTED BROADLY TO EMPLOYEES, AS NECESSARY***

**1.** **What was announced?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Albireo
 announced that we've entered into a definitive agreement to be acquired by Ipsen, a
 global biopharmaceutical company, in an all-cash transaction that will allow us to build
 on our foundation to accelerate the development of our innovative medicines and improve the
 lives of patients living with rare pediatric and adult liver diseases.

&nbsp;&nbsp;&nbsp;&nbsp;· This
 announcement is a testament to what we have accomplished as a company through the strength
 of our team and our unrelenting commitment to providing hope for families around the world.

&nbsp;&nbsp;&nbsp;&nbsp;· With
 the benefit of Ipsen's global scale, strong commercial platform and R&D expertise,
 the combined company will be in a better position to expand access to Bylvay in the global
 cholestatic liver disease market, while continuing to advance our adult liver pipeline of
 products.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen's
 enhanced infrastructure and resources will also allow investment in growth opportunities
 and support the continued development of best-in-class treatments for patients.

&nbsp;&nbsp;&nbsp;&nbsp;· We're
 confident that, with Ipsen, we will have the flexibility to enhance our focus on our mission
 of being a *Patient First* team committed to a gold standard approach to research and
 development.

**2.** **Who is Ipsen?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen
 is a global biopharmaceutical company with a diverse portfolio of transformative medicines
 across three key areas: oncology, rare disease and neuroscience.

&nbsp;&nbsp;&nbsp;&nbsp;· They
 have offices worldwide, including in the heart of leading biotechnological and life-science
 hubs: Paris-Saclay, France; Oxford, U.K.; Cambridge, U.S.; Shanghai, China.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen
 has established itself as a global leader in the healthcare industry with a proven track
 record of driving new standards of excellence in innovation and specialty care, and registered
 medicines in more than 100 countries.

&nbsp;&nbsp;&nbsp;&nbsp;· Importantly,
 Ipsen shares our passion for improving the lives of patients and providing hope for families
 living with the burden of liver disease.

&nbsp;&nbsp;&nbsp;&nbsp;· With
 Ipsen, we have a partner that appreciates all that we have accomplished and is committed
 to supporting us as we work toward our mission of being a *Patient First* team committed
 to a gold standard approach to research and development.

**3.** **Why did we agree to be acquired by Ipsen? Why now? How does this transaction benefit Albireo?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Over
 the last year, we made tremendous progress culminating in:

○ The successful approval and launch of Bylvay, which helped hundreds of patients with PFIC and their families in its first year;

○ Potentially expanding the use of Bylvay by completing regulatory submissions for Bylvay in the U.S. and EU for use in patients with ALGS;

○ Fully enrolling the Phase 3 BOLD study for BA patients; and

○ Successfully progressing the clinical development of A3907 and A2342.

&nbsp;&nbsp;&nbsp;&nbsp;· As
 we look to the future, we're confident that with the benefit of Ipsen's global
 scale, strong commercial platform and R&D expertise, we as part of the combined company,
 will be in a better position to expand access to Bylvay in the global cholestatic liver disease
 market, while continuing to advance our adult liver pipeline of products.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen's
 enhanced infrastructure and resources will also allow investment in growth opportunities
 and support the continued development of best-in-class treatments for patients.

&nbsp;&nbsp;&nbsp;&nbsp;· Importantly,
 the transaction will provide our stockholders with compelling and certain value for their
 investment.

**4.** **How will this transaction benefit Albireo employees?** 

&nbsp;&nbsp;&nbsp;&nbsp;· One
 of the reasons Ipsen pursued this transaction is because they recognize the incredible team
 at Albireo and appreciate all that we have accomplished together.

&nbsp;&nbsp;&nbsp;&nbsp;· Like
 Albireo, Ipsen views its people as its strongest asset. They share our commitment to employee
 development, and we believe Ipsen could offer exciting new career opportunities for our employees
 as we become part of a larger, global organization.

&nbsp;&nbsp;&nbsp;&nbsp;· Importantly,
 until the transaction closes, which we expect to occur by the end of the first half of 2023,
 Ipsen and Albireo remain independent companies.

&nbsp;&nbsp;&nbsp;&nbsp;· This
 means we will continue to operate as usual, and we are counting on our team to remain focused
 on the work they do every day to ensure more patients get access to our important medicines.

**5.** **How will this transaction benefit patients?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Albireo
 is built on a *Patient First* mindset, and that will never change. Patients can expect
 us to continue delivering Bylvay and working to expand our indications, and entire portfolio,
 to create best-in-class treatments for additional rare pediatric and adult liver diseases.

&nbsp;&nbsp;&nbsp;&nbsp;· This
 transaction will build on Albireo's foundation to accelerate the development of innovative
 medicines and improve the lives of patients.

&nbsp;&nbsp;&nbsp;&nbsp;· Importantly,
 until the transaction closes, which we expect to occur by the end of the first half of 2023,
 Ipsen and Albireo remain independent companies. This means patients should not expect any
 changes.

**6.** **How do the cultures of the two companies compare?** 

&nbsp;&nbsp;&nbsp;&nbsp;· One
 of the reasons we determined Ipsen is the right partner for us is because we have complementary
 cultures and values. Ipsen shares our passion for improving the lives of patients and providing
 hope for families living with the burden of liver disease.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen's
 commitment to shaping positive change goes beyond medicine, and it takes an active role in
 creating a better, healthier world for future generations through its Generation Ipsen initiative.

&nbsp;&nbsp;&nbsp;&nbsp;· Like
 Albireo, Ipsen views its people as its strongest assets and is investing in our company because
 it sees the tremendous value in the deep bench of talent and highly advanced rare disease
 portfolio we've developed together.

**7.** **When will the transaction be completed? What are the closing conditions?** 

&nbsp;&nbsp;&nbsp;&nbsp;· The
 transaction is expected to close by the end of the first half of 2023 subject to customary
 closing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 then, Ipsen and Albireo will continue to operate as separate, independent companies.

&nbsp;&nbsp;&nbsp;&nbsp;· This
 means we will continue to operate as usual, and we should all remain focused on the work
 we do every day to ensure more patients get access to our important medicines.

**8.** **Will there be layoffs as a result of this transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;· While
 it is still early in the process and many details have yet to be worked out, Ipsen has said
 that it intends to continue to invest in our team, as well as our pipeline and medicines.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen
 is partnering with us because it sees the tremendous value in the deep bench of talent and
 highly advanced rare disease portfolio we've developed together.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 believe Ipsen could offer exciting new career opportunities for our employees as we become
 part of a larger, global organization.

&nbsp;&nbsp;&nbsp;&nbsp;· Ipsen
 wants to focus on retention of employees,
 and those who choose to remain will have retention packages to incentivize them including
 the cash value of the non-accelerated portion of 2023 grants.

&nbsp;&nbsp;&nbsp;&nbsp;· Additionally,
 they will provide a minimum of 6 months severance for any employee who leaves the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 are committed to transparency and will continue to keep you informed as we move through the
 process to close the transaction.

**9.** **Will teams, titles or job responsibilities change as a result of the transaction? What about compensation or benefits?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and your roles and responsibilities
 remain the same.

&nbsp;&nbsp;&nbsp;&nbsp;· Additionally,
 you should not expect any changes to your compensation, benefits or retirement plans as a
 result of the transaction announcement.

&nbsp;&nbsp;&nbsp;&nbsp;· There
 are a number of details that will be worked out over the coming months as part of the integration
 planning process, and we will keep you updated as there are key developments.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 ask that you stay focused on your day-to-day responsibilities and delivering for patients.

**10.** **Will we get our 2022 bonus, merit increases and stock awards early this year?** 

&nbsp;&nbsp;&nbsp;&nbsp;· There
 will be no changes to any benefits or 401(k) in interim period, and all equity including
 a portion of 2023 grants will vest immediately upon closing.

**11.** **Will planned promotions be granted in January?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual, however, we will not proceed with
 any planned promotions until the transaction is closed.

**12.** **What will happen to our offices and facilities?** 

&nbsp;&nbsp;&nbsp;&nbsp;· We
 have just announced the transaction, and there are a number of details that will be worked
 out over the coming months as part of the integration planning process.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 are committed to transparency and will continue to keep you informed as we move through the
 process to close the transaction.

**13.** **Will there be changes to our management team as a result of this announcement?** 

&nbsp;&nbsp;&nbsp;&nbsp;· We
 just announced this transaction, and there are still many decisions to be made.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 look forward to providing more details as we work through the process.

**14.** **Will we keep contractors and consultants onboard or will they be terminated?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and your roles and responsibilities
 remain the same.

&nbsp;&nbsp;&nbsp;&nbsp;· There
 are a number of details that will be worked out over the coming months as part of the integration
 planning process, and we will keep you updated as there are key developments.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 ask that you stay focused on your day-to-day responsibilities and delivering for patients.

**15.** **What is the status of candidates who have accepted offers and starting after January 9?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and your roles and responsibilities
 remain the same, therefore, anyone who has accepted a role and has a starting date should
 proceed as usual.

&nbsp;&nbsp;&nbsp;&nbsp;· There
 are a number of details that will be worked out over the coming months as part of the integration
 planning process, and we will keep you updated as there are key developments.

**16.** **If I've hired someone starting after January 9?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and your roles and responsibilities
 remain the same.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 ask that you stay focused on your day-to-day responsibilities and delivering for patients.

**17.** **What should I communicate to our agencies and vendors?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and that should translate to our
 stakeholders and relationships.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 ask that you and our partner agencies and vendors stay focused on the day-to-day responsibilities
 and delivering for patients.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 you receive questions, please refer to the press release announcing the transaction and if
 they have questions beyond what has been provided in the press release, then please direct
 them to your manager or an ET member who can support you further.

**18.** **What should I say if an HCP/Patient Advocate/Partner asks about the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Until
 the transaction closes, we continue to operate as usual and that should translate to our
 stakeholders and the relationships.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 have prepared reactive key messages and Q&As and shared with key leaders in the organization
 who interface with our patient advocacy organizations, HCPs, payors and partners.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 you receive questions, please refer to the press release announcing the transaction and if
 they have questions beyond what has been provided in the press release, then please direct
 them to your manager or an ET member who can support you further.

**19.** **What should I say if I am contacted by an external party about the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;· Today's
 news may generate increased interest in Albireo from the media and outside parties.

&nbsp;&nbsp;&nbsp;&nbsp;· Consistent
 with our policy, please forward any inquiries to Colleen Alabiso at colleen.alabiso@albireopharma.com
 or 617-999-7851.

**20.** **Who can I contact if I have additional questions?** 

&nbsp;&nbsp;&nbsp;&nbsp;· If
 you have questions or concerns beyond what is provided in this FAQ, please contact your manager.

&nbsp;&nbsp;&nbsp;&nbsp;· We
 will continue to keep you updated on important developments as we move through the transaction
 process.

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this Q&A has not yet commenced. This Q&A is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

The tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this Q&A regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the contingent value rights agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.3

**Exhibit 99.3**

**Subject:** Exciting news about Albireo's next chapter

[Dear [Dr. [NAME] / Valued Partner] / INSERT CUSTOMARY GREETING],

I wanted to share some exciting news about the future of our company. This morning, we announced that Albireo has entered into an agreement to be acquired by Ipsen, a global biopharmaceutical company with a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. By partnering with Ipsen, we will be able to build on our foundation to accelerate the development of innovative medicines.

In Ipsen, we found a partner that shares our passion for improving the lives of patients and providing hope for families living with the burden of liver disease. Ipsen is a global leader in the healthcare industry with a proven track record of driving new standards of excellence in innovation and specialty care, and registered medicines in more than 100 countries. We have always been focused on patients and as we look to our future, we're confident that joining forces with Ipsen is the right next step to make sure more patients around the world gain access to innovations sooner.

While this transaction will mean a change in ownership, it will not change our values. We will remain a *Patient First* team guided by our mission of providing hope for families around the world. We have always been committed to making the impossible possible for patients with rare liver diseases, and we will carry that passion into our next chapter. Ipsen shares these values and together we will remain focused on supporting the patients who rely on us.

With the benefit of Ipsen's global scale, strong commercial platform and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the global cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

In terms of next steps, we anticipate the transaction to close by the end of the first half of 2023, subject to customary approvals and closing conditions. Until then, Albireo and Ipsen will continue to operate as separate entities and we will continue to operate as usual. This means that patients should not expect any changes, and we will continue to work with you as we always have.

Thank you for your continued support. As always, if you have any questions, please feel free to reach out to [me / your company contact].

Best,

INSERT

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this letter has not yet commenced. This letter is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

The tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this letter regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the contingent value rights agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.4

**Exhibit 99.4**

**Subject:** Exciting news about Albireo's next chapter

[Dear Valued Partner / INSERT CUSTOMARY GREETING],

I wanted to share some exciting news about the future of our company. This morning, we announced that Albireo has entered into an agreement to be acquired by Ipsen, a global biopharmaceutical company with a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. By partnering with Ipsen, we will be able to build on our foundation to accelerate the development of innovative medicines.

We are confident that now is the right time to join forces with a partner who shares our passion for improving the lives of patients and providing hope for families living with the burden of liver disease. Ipsen has established itself as a global leader in the healthcare industry with a proven track record of driving new standards of excellence in innovation and specialty care, and registered medicines in more than 100 countries. Ipsen's commitment to shaping positive change goes beyond medicine, and it takes an active role in creating a better, healthier world for future generations through its Generation Ipsen initiative.

With Ipsen's global scale, strong commercial platform, and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

This is an exciting day for all of us at Albireo, and we will continue to rely on you and our partnership as we enter this next chapter with Ipsen. Ultimately, we expect that this transaction will create more opportunities for collaboration as we build on our foundation to change the lives of patients living with rare pediatric and adult liver diseases.

In terms of next steps, we anticipate the transaction to close by the end of the first half of 2023, subject to customary approvals and closing conditions. Until then, Albireo and Ipsen will continue to operate as separate entities. This means that you can continue to work with your normal Albireo representatives and that all of our current agreements remain in place.

Thank you for your continued support. We look forward to continuing our work together. As always, if you have any questions, please feel free to reach out to [me / your company contact].

Best,

Ron Cooper

Albireo President and CEO

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this letter has not yet commenced. This letter is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

The tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this letter regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the contingent value rights agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.5

**Exhibit 99.5**

**Project Carter Payor Letter (Reactive)**

**Subject:** Exciting news about Albireo's next chapter

Dear Valued Partner,

I wanted to share some exciting news about the future of our company. Today, Albireo has entered into an agreement to be acquired by Ipsen, a global biopharmaceutical company with a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. By partnering with Ipsen, we will be able to build on our foundation to accelerate the development of innovative medicines.

In Ipsen, we found a partner that shares our passion for improving the lives of patients and providing hope for families living with the burden of liver disease. Ipsen has established itself as a global leader in the healthcare industry with a proven track record of driving new standards of excellence in innovation and specialty care, and registered medicines in more than 100 countries. We have always been focused on patients and as we look to the future, we're confident that joining forces with Ipsen is the right next step to make sure more patients around the world gain access to innovations sooner.

With the benefit of Ipsen's global scale, strong commercial platform and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the global cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

We want to emphasize that all of our existing agreements with you remain in place, and you can continue to work with your normal Albireo representatives. Once the transaction is complete, all agreements regarding pricing and reimbursement will remain in place.

We value your support and look forward to continuing to work with you as we embark on this next chapter to accelerate the development of treatments for patients suffering from rare liver disease. As always, if you have any questions, please feel free to reach out to [me / your company contact].

Sincerely,

NAME

TITLE

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this letter has not yet commenced. This letter is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

The tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this letter regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the contingent value rights agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.6

**Exhibit 99.6**

**Project Carter Physician / HCP Letter**

**Subject:** Exciting news about Albireo's next chapter

Dear NAME,

I wanted to reach out to you directly to share some exciting news about the future of Albireo. Today, we announced that we have entered into an agreement to be acquired by Ipsen, a global biopharmaceutical company with offices worldwide, including in the heart of leading biotechnological and life-science hubs: Paris-Saclay, France; Oxford, U.K.; Cambridge, U.S.; Shanghai, China. By partnering with Ipsen, we will be able to build on our foundation to accelerate the development of innovative medicines.

In Ipsen, we found a partner that shares our passion for improving the lives of patients and providing hope for families living with the burden of rare pediatric and adult liver disease. Ipsen is a global leader in the healthcare industry with a proven track record of driving new standards of excellence in innovation and specialty care, and registered medicines in more than 100 countries. Ipsen has built a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. We have always been focused on patients and as we look to our future, we're confident that joining forces with Ipsen is the right next step to make sure more patients around the world gain access to innovative medicines sooner.

With the benefit of Ipsen's global scale, strong commercial platform, and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the global cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

While this transaction will mean a change in ownership, it will not change our values. We will remain a *Patient First* team guided by our mission of providing hope for families around the world. We have always been committed to making the impossible possible for patients with rare pediatric and adult liver diseases, and we will carry that passion into our next chapter. This means that patients can expect us to continue delivering Bylvay and working to expand our indications, and entire portfolio, to create best-in-class treatments for additional liver diseases.

In terms of next steps, we anticipate the transaction to close by the end of the first half of 2023, subject to customary approvals and closing conditions. Until then, Albireo and Ipsen will continue to operate as separate entities and we will continue to operate as usual. This means you can continue to reach out to your normal Albireo representatives.

We look forward to continuing to work with you as we embark on this next chapter for Albireo. As always, if you have any questions, please feel free to reach out to [me / your company contact].

Sincerely,

Ron Cooper

Albireo President and CEO

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this communication has not yet commenced. This communication is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

Tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this communication regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the CVR agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.

## Exhibit 99.7

**Exhibit 99.7**

**CORPORATE**

**LinkedIn – Use Albireo breaking news visual**

Today, we announced that Albireo has entered into an agreement to be acquired by Ipsen, a global biopharmaceutical company with a diverse portfolio of transformative medicines across three key areas: oncology, rare disease and neuroscience. Joining forces with Ipsen will enable us to build on our foundation, accelerate the development of innovative medicines and improve the lives of patients living with rare liver diseases.

With the benefit of Ipsen's global scale, strong commercial platform and R&D expertise, the combined company will be in a better position to expand access to Bylvay in the global cholestatic liver disease market, while continuing to advance our adult liver pipeline of products. Ipsen's enhanced infrastructure and resources will also allow investment in growth opportunities and support the continued development of best-in-class treatments for patients.

This announcement is a testament to all that we've accomplished at Albireo during the past 20 years. Thank you to our incredible A-Team, patients, families and advocacy organizations, clinicians and site team, and business partners for their focus, passion and dedication. We're excited for the future, and we look forward to our continued success in this next chapter.

To learn more about today's announcement, you can read the release issued today: [INSERT LINK TO RELEASE]

**Twitter - Albireo breaking news visual**

Today we announced that we have entered into an agreement to be acquired by @IpsenGroup, a global biopharma company. Today's transaction is the first step in making innovative medicines available to more liver disease patients worldwide. Our release: [INSERT LINK TO RELEASE]

**Ron reshare LinkedIn copy**

Unwavering dedication to patients and commitment to science have always been the north star for Albireo. Our amazing A-team have advanced the first Phase 3 studies in three different pediatric liver diseases while discovering two promising new clinical-stage bile acid modulators. We are now entering a new chapter and believe that Ipsen is well positioned to apply its global R&D and commercial capabilities to make these medicines available to more cholestatic liver disease patients and accelerate our common mission of providing hope for families.

**About the Offer** 

The tender offer for the outstanding shares of Albireo common stock referenced in this post has not yet commenced. This post is for informational purposes only and is not a recommendation, an offer to purchase or a solicitation of an offer to sell securities, nor is it a substitute for the tender offer materials that Ipsen Biopharmaceuticals, Inc. (Parent) and its acquisition subsidiary will file with the SEC, upon the commencement of the tender offer. At the time the tender offer is commenced, Parent and its acquisition subsidiary will file with the SEC a tender offer statement on Schedule TO and thereafter Albireo Pharma, Inc. will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Once filed, stockholders will be able to obtain a free copy of these materials and other documents filed by Parent and its acquisition subsidiary and Albireo with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) may also be obtained (when available) for free by contacting the information agent for the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. ALBIREO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ALBIREO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

The tender offer materials and the Solicitation/Recommendation Statement (when available) may be obtained for free by contacting Parent or Albireo. Copies of the documents filed with the SEC by Albireo will be available free of charge on Albireo's internet website at www.albireopharma.com or by contacting Albireo's Investor Relations Department at 857 254-5555.

**Additional Information**

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Albireo files annual, quarterly and current reports and other information with the SEC. Albireo's filings with the SEC are available to the public from the website maintained by the SEC at www.sec.gov.

**Forward-Looking Statements**

Statements contained in this post regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, the tender offer, the merger and related transactions are forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by words such as "anticipates," "believes," "plans," "expects," "projects," "future," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "planned," "continue," "guidance," or the negative of these terms or other similar expressions. Forward-looking statements may include statements, other than statements of historical fact, regarding, among other things: Albireo's commercialization plans; the plans for, or progress, scope, cost, initiation, duration, enrollment, results or timing for availability of results of, development of Bylvay, A3907, A2342 or any other Albireo product candidate or program; the target indication(s) for development or approval; potential regulatory approval and plans for potential commercialization of Bylvay in biliary atresia or ALGS or in additional countries, or Albireo's other product candidates; the timing for initiation or completion of or availability or reporting of results from any clinical trial; the potential benefits or competitive position of Albireo or any other Albireo product candidate or program or the commercial opportunity in any target indication; Albireo's plans, expectations or future operations, financial position, revenues, costs or expenses; statements regarding the expected timing of the completion of the transactions contemplated by the merger agreement; statements regarding the ability to complete the transactions contemplated by the merger agreement considering the various closing conditions; the projected financial information; and any statements regarding assumptions underlying any of the foregoing. Although Albireo's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Albireo, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, (i) uncertainties as to the timing of the transactions contemplated by the merger agreement; (ii) the risk that the transactions contemplated by the merger agreement may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Albireo's stockholders tendering their Shares in the Offer; (iv) the possibility that competing offers for Albireo may be made; (v) the possibility that any or all of the various conditions to the consummation of the transactions contemplated by the merger agreement may not be satisfied or waived, including the failure to receive any required regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Albireo to pay a termination fee; (vii) the risk that the milestone specified in the contingent value rights agreement is not achieved; (viii) the effect of the announcement or pendency of the transactions contemplated by the merger agreement on Albireo's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its business generally; (ix) risks related to diverting management's attention from Albireo's ongoing business operations; (x) the risk that stockholder litigation in connection with the transactions contemplated by the merger agreement may result in significant costs of defense, indemnification and liability; as well as (xi) risks and uncertainties pertaining to Albireo's business, including those detailed under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Albireo's annual report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), such as the risk that the regulatory filings made for Bylvay in patients with ALGS will not be approved by the FDA and European Medicines Agency ("EMA") and on the timelines Albireo anticipates; the risk that the FDA and EMA will not complete their respective reviews within target timelines, once determined; the risk that the FDA and EMA will require additional information, the risk that we will not be able to provide in a timely manner any additional information that the FDA and EMA request, and the risk that such additional information will not be satisfactory to the FDA and EMA; the risk that Bylvay will not be commercially successful; the risk that we may encounter issues, delays or other challenges in commercializing Bylvay; the risk that Bylvay does not receive acceptance from patients and physicians for its approved indication; the risk of challenges associated with execution of Albireo's sales activities, which in each case could limit the potential of its product; the risk of challenges associated with supply and distribution activities, which in each case could limit Albireo's sales and the availability of its product; the risk of potential negative impacts of the COVID-19 pandemic, including on manufacturing, supply, conduct or initiation of clinical trials, or other aspects of our business; the risk that favorable findings from clinical trials of Bylvay to date, including findings in PFIC, ALGS and other indications, will not be predictive of results from other clinical trials of Bylvay; the risk that Bylvay will not be approved in jurisdictions or for indications beyond the jurisdictions in which or indications (such as biliary atresia or ALGS) for which Bylvay is currently approved; the risk that Albireo's other product candidates will not be approved; the risk that estimates of the addressable patient population for target indications may prove to be incorrect; the outcome and interpretation by regulatory authorities of the ongoing third-party study pooling and analyzing of long-term PFIC patient data; the timing for initiation or completion of, or for availability of data from, clinical trials of Bylvay, including BOLD, and the Phase 2 clinical trial of A3907, and the outcomes of such trials; Albireo's ability to obtain coverage, pricing or reimbursement for approved products in the United States or Europe; delays or other challenges in the recruitment of patients for, or the conduct of, Albireo's clinical trials; any repurchase by Albireo of Sagard's interest in the royalty interest payments under our royalty monetization agreement with Sagard could materially impact our financial condition; and Albireo's critical accounting policies. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, none of Albireo, Ipsen or any of their respective affiliates undertakes any obligation to update or revise any forward-looking information or statements.