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news.Alder Biopharmaceuticals is set to receive a $15m milestone payment from Bristol-Myers Squibb for the initiation of a Phase 2b clinical trial, as part of the collaboration that was formed in 2009 for the development of ALD518/BMS-945429.
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ALD518 is an investigational monoclonal antibody to the pro-inflammatory cytokine IL-6 that is being developed by Bristol-Myers Squibb for autoimmune indications.
The Phase 2b randomized, double-blind, placebo controlled study will evaluate the safety and efficacy of multiple doses of a subcutaneous formulation of ALD518/BMS-945429 in the treatment of rheumatoid arthritis.
Alder Biopharmaceuticals president and CEO Randall Schatzman said they are pleased that Bristol-Myers Squibb continues to advance ALD-518/BMS-945429 in clinical development and look forward to seeing the results of this larger clinical experience in rheumatoid arthritis.
"We also look forward to progressing our internal work with the antibody as a potential treatment in cancer and cancer supportive care," Schatzman said.