The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Alexza Pharmaceuticals, Inc. ("Alexza" or the "Company") (Nasdaq: ALXA) relating to the proposed buyout of the Company by Ferrer Pharma, Inc. Under the terms of the agreement, Alexza shareholders are anticipated to receive $0.90 in cash for each share of Alexza stock they own. In addition, Alexza shareholders will receive one contingent value right entitling them to receive a pro-rata share of up to four payment categories in an aggregate maximum amount of $35 million. However, the contingent value right payment is not guaranteed and will only be paid if specified milestones are achieved. The firm's investigation seeks to determine, among other things, whether the Company's Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company's shares of common stock. According to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Alexza stock at $1.25 per share. If you currently own common stock of Alexza and believe that the proposed buyout price is too low, or you would like to learn more about the investigation being conducted by Brower Piven, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.