BOTHELL, Wash., June 20, 2011 /PRNewswire/ — Alder
Biopharmaceuticals Inc. today announced it will receive a $15
million milestone payment from Bristol-Myers Squibb for the
initiation of a Phase 2b clinical trial in rheumatoid arthritis for
ALD518/BMS-945429, an investigational antibody therapeutic that
blocks interleukin-6 (IL-6).
The milestone payment is part of the Alder/Bristol-Myers Squibb
collaboration 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.
This Phase 2b randomized, double-blind, placebo controlled study
will evaluate the safety and efficacy of multiple doses of a
subcutaneous formulation of ALD518/BMS-945429. Further details of
the study can be found at www.clinicaltrials.gov.
“We are pleased that Bristol-Myers Squibb continues to advance
ALD-518/BMS-945429 in clinical development and look forward to
seeing the results of this larger clinical experience in rheumatoid
arthritis,” said Randall Schatzman, Ph.D., president and chief
executive officer of Alder Biopharmaceuticals. “We also look
forward to progressing our internal work with the antibody as a
potential treatment in cancer and cancer supportive care.”
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.
Alder’s management team combines decades of industry experience
with a proven trac