Alder Biopharmaceuticals Received $3.5 Million Payment From Bristol-Myers Squibb

Alder Biopharmaceuticals Inc. introduced it has acquired a $3.5 million milestone compensation from Bristol-Myers Squibb regarding the initiation of a Phase 2 clinical trial of ALD518/BMS-945429, an investigational antibody therapeutic that limits interleukin-6 (IL-6), in Crohn's disorder.

The milestone settlement is included in the support between Alder and Bristol-Myers Squibb which was a formed in 2009 for the development of ALD518/BMS-945429. By the collaboration agreement, Alder approved to actually Bristol-Myers Squibb internationally special rights to formulate and commercialize ALD518/BMS-945429 for all possible clinical utilizes, except for cancer treatment and cancer supportive care that rights maintained by Alder.

"We now have long considered that ALD518/BMS-945429 is sure to have potential in a great many of disease places, and today we are actually happy to see Bristol-Myers Squibb furthering into another area of large unmet need, Crohn's disease," said Randall Schatzman, Ph.D., president and chief executive officer of Alder Biopharmaceuticals.

"We look forward to steady with the clinical analysis in multiple places during this collaboration, such as in the ongoing Phase 2b clinical trial in rheumatism, in addition to in cancer therapy and cancer supportive care on our own."