Alder Biopharmaceuticals Receives $3.5 Million Milestone Payment from Bristol-Myers Squibb for Initiation of Phase 2 Clinical Trial of ALD518/BMS-945429 in Crohn's Disease
BOTHELL, Wash., Aug. 27, 2012 /PRNewswire/ -- Alder Biopharmaceuticals Inc. today announced it has received a $3.5 million milestone payment from Bristol-Myers Squibb for the initiation of a Phase 2 clinical trial of ALD518/BMS-945429, an investigational antibody therapeutic that blocks interleukin-6 (IL-6), in Crohn's disease.
The milestone payment is part of the collaboration between Alder and Bristol-Myers Squibb that was formed in 2009 for the development of ALD518/BMS-945429. Under the collaboration agreement, Alder granted to Bristol-Myers Squibb worldwide exclusive rights to develop and commercialize ALD518/BMS-945429 for all potential clinical uses, with the exception of cancer treatment and cancer supportive care, which are rights retained by Alder.
"We have long believed that ALD518/BMS-945429 would have potential in a large number of disease areas, and today we are excited to see Bristol-Myers Squibb advancing into another area of tremendous unmet need, Crohn's disease," said Randall Schatzman, Ph.D., president and chief executive officer of Alder Biopharmaceuticals. "We look forward to continuing with the clinical investigation in multiple areas through this partnership, including in the ongoing Phase 2b clinical trial in rheumatoid arthritis, as well as in cancer treatment and cancer supportive care on our own."
About Alder Biopharmaceuticals
Alder BioPharmaceuticals Inc. uniquely identifies, develops and manufactures novel antibody therapeutics to alleviate human suffering in cancer, pain, cardiovascular and autoimmune and inflammatory disease areas. The company's second therapeutic program, an investigational monoclonal antibody for migraine, ALD403, inhibits a well-validated molecule shown to trigger migraine attacks, calcitonin gene-related peptide (CGRP), and is now in clinical trials. ALD518 is Alder's investigational monoclonal antibody to the pro-inflammatory cytokine IL-6. Alder is developing ALD518 in Phase 2 clinical studies in multiple cancer-related conditions, while Bristol-Myers Squibb is investigating the asset (as BMS-945429) in a Phase 2b clinical study in rheumatoid arthritis and other autoimmune indications based on a 2009 partnership. Alder's management team combines decades of industry experience with a proven track record for identifying and developing novel antibody therapeutics and enabling partners through the out-licensing of its technologies. For more information, visit www.alderbio.com.
SOURCE Alder BioPharmaceuticals Inc.