VC-Backed Alder Biopharma Signs $1 Billion Deal with Bristol-Myers

Bristol-Myers Squibb Co. (NYSE:BMY) has signed an agreement with Bothell, Wash.-based Alder Biopharmaceuticals Inc., for the development and commercialization of a novel biologic that has completed Phase IIa development for the treatment of rheumatoid arthritis. The deal includes an $85 million up-front cash payment, and up to $764 million in additional milestone payments. Alder Biopharmaceuticals has raised around $67 million in VC funding from firms like Delphi Ventures and TPG Biotech co-led the round, and were joined by return backers Sevin Rosen Funds, Ventures West, H.I.G. Ventures and WRF Capital.

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