Alder Biopharmaceuticals Receives $3.5 Million Milestone Payment from Bristol-Myers Squibb

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.