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 track record for identifying and developing novel antibody therapeutics and enabling partners through the out-licensing of its technologies. ALD518 is an investigational monoclonal antibody to the pro-inflammatory cytokine IL-6 that is being developed by Bristol-Myers Squibb for autoimmune indications. In addition to Bristol-Myers Squibb, partners include Merck and Genmab. For more information, visit www.alderbio.com.
SOURCE Alder Biopharmaceuticals Inc.