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Alder nets $277.7mm through convertible debt sale

Executive Summary

Alder BioPharmaceuticals Inc. (antibody therapeutics) netted $277.7mm (including the over-allotment) through the underwritten public offering of $287.5 million aggregate principal amount (upsized from $200mm) of 2.50% convertible senior notes due 2025. The notes convert to common at a rate of 49.3827 shares per 1k principal, or $20.25 per share. Earlier this month, as part of a patent litigation settlement, Alder gained non-exclusive worldwide rights (excluding Japan and Korea) to Teva's CGRP (calcitonin gene-related peptide) antagonist antibodies patent portfolio, which includes rights to the Phase III migraine compound eptinezumab. The company plans to put the proceeds toward development, regulatory, and commercialization activities related to eptinezumab. As a result of this financing, Alder's recent $250mm preferred stock purchase agreement with Redmile Group was terminated.
Deal Industry
  • Biotechnology
    • Large Molecule
      • Antibodies
    • Synthesis Technologies, Production Processes
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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