Alder Gets $15M From Bristol

Xconomy Seattle — 

Alder Biopharmaceuticals, the Bothell, WA-based developer of antibody drugs, said today it will receive a $15 million milestone payment from its partner, Bristol-Myers Squibb. Alder got the milestone for initiating a Phase 2b clinical trial of its rheumatoid arthritis drug, ALD518, in a trial that compares it against a blockbuster drug in the category—Abbott Laboratories’ adalimumab (Humira). Alder struck its partnership with Bristol-Myers to develop ALD518 (aka BMS-945429) back in November 2009.