Alder BioPharmaceuticals is a clinical-stage biopharmaceutical company that discovers, develops and seeks to commercialize therapeutic antibodies with the potential to meaningfully transform current treatment paradigms. The company has developed a proprietary antibody platform designed to select antibodies that have the potential to maximize efficacy as well as speed of onset and durability of therapeutic response. Alder also has a yeast-based manufacturing technology, MabXpress, which allows the company to target diseases that traditionally have not been addressable by antibodies.
The company’s lead drug candidate, ALD403, is a novel monoclonal antibody targeting calcitonin gene-related peptide (CGRP) and is in Phase 3 trials for the prevention of migraine headaches. We believe ALD403 has the potential to transform the treatment paradigm for migraines as part of the new class of anti-CGRP drugs. CGRP is a validated target that is believed to play a key role in the development of migraines, and we believe this new class of drugs will continue to gain significant physician, patient and investor interest based on consistently strong clinical results. Alder reported that 16% of patients with approximately 9 migraine days per month achieved complete migraine-free relief over three months after a single dose. In a subsequent trial, over 30% of chronic migraine patients with an average of 16 or more migraine days per month achieved a 75% reduction in migraine days over a three-month period after a single dose. Longer-term follow-up data has shown sustained efficacy in many patients out to six months.
We estimate that migraine prevention is a multibillion dollar drug class in the U.S., and we believe ALD403 should offer significant ex-U.S. partnering opportunities for Alder. In the U.S., there are approximately 7 million patients diagnosed with high frequency episodic migraines (5-14 migraine days per month) and another 3 million patients with chronic migraines (15 or more migraine days per month). Given the large market size, we believe there will be sufficient room for multiple anti-CGRP drugs, and that ALD403’s competitive profile should allow it to capture meaningful share.
Foresite Capital first invested in Alder during its IPO when the company went public in 2014. Foresite Capital added to their position as Alder’s data matured and during significant stock pull backs.