Skip to main content
Advertising

Originally published September 2, 2014 at 4:30 PM | Page modified September 3, 2014 at 1:58 PM

  • Share:
             
  • Comments
  • Print

Drug giant ends arthritis deal with Alder BioPharma

Alder BioPharmaceuticals of Bothell said Bristol-Myers Squibb is ending an arthritis-drug collaboration pact under which Alder earned more than $100 million since 2009.


By Seattle Times business staff

advertising

Alder BioPharmaceuticals of Bothell said Bristol-Myers Squibb is ending an arthritis-drug collaboration pact under which Alder earned more than $100 million since 2009. The news sent Alder’s shares down $2.24, or 13.1 percent, to close at $14.80.

The Bothell company said clinicial trials of its antibody-based treatment called clazakizumab yielded promising phase II results for rheumatoid arthiritis, but the pharmaceutical giant decided it “did not warrant further investment based on other priorities in their pipeline.”

Alder went public in May, raising $80 million at $10 per share. Bristol-Myers bought 1.6 million in that offering, and has also paid $26.8 million to support the drug’s development.



Want unlimited access to seattletimes.com? Subscribe now!

Also in Business & Technology

News where, when and how you want it

Email Icon

Bake cookies for a cause

Bake cookies for a cause

Get 23 scrumptious recipes in our "Quintessential Cookies" e-book. One dollar of your $3.95 purchase goes to Fund For The Needy.

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►