NEW YORK (AP) — Drug developer Alder BioPharmaceuticals on Wednesday filed for an initial public offering worth as much as $115 million.
The company is studying an experimental migraine prevention drug designated ALD403 and is working with Bristol-Myers Squibb Co. on a rheumatoid arthritis and psoriatic arthritis treatment called clazakizumab. Both products are in mid-stage clinical testing. Alder said it is working to develop antibody drugs that are more effective, work faster, and produce longer-lasting biologic responses.
Alder BioPharmaceuticals Inc. said it could get a total of $1.35 billion in payments if clazakizumab advances through the clinical testing and regulatory process, gets approved, and reaches sales targets. The company will also receive royalty payments on any sales. So far it has received $103.5 million from Bristol-Myers under a deal the companies signed in 2009.
In 2013, Alder posted a loss of $20.6 million, or $3.84 per share, on collaboration and license revenue of $18.8 million.
It plans to use proceeds from the IPO to fund its clinical programs and for general corporate purposes.
The Bothell, Wash., company plans to list its shares on the Nasdaq Global Market under the symbol "ALDR."