Alder hunts for a new partner after Bristol-Myers nixed a $1B deal

Alder BioPharmaceuticals ($ALDR) is touting more mid-stage success for its in-development inflammation treatment, scouting for a deep-pocketed partner to pick up where ex-collaborator Bristol-Myers Squibb ($BMY) left off. The antibody, clazakizumab, met its primary endpoint in a Phase IIb study in rheumatoid arthritis, Alder said, following promising mid-stage data in migraine. The company believes its candidate, an interleukin-6 inhibitor, could have a bright future in Phase III, and the latest data "provide additional support for the promise of clazakizumab as we seek a new partner to continue developing this monoclonal antibody for the treatment of autoimmune and inflammatory diseases," CEO Randall Schatzman said in a statement. Bristol-Myers licensed the treatment back in 2009, signing a deal worth up to $1 billion, but the drugmaker backed out last fall amid a widespread pipeline re-evaluation. More