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.