Alder BioPharmaceuticals, a US-based pharmaceutical company seeking to treat disorders including migraines and rheumatoid arthritis, has filed for an initial public offering that could raise up to $115m.
Alder raised $38m in series D funding in 2012 from investors including Novo Ventures, which acts as the corporate venturing unit of healthcare company Novo, and TPG Biotech, the life sciences investment arm of private equity firm TPG, as well as Washington Research Foundation’s venture capital unit WRF Capital and venture capital firms Sevin Rosen Funds, Ventures West, HIG Ventures and Delphi Ventures.
The company also secured $40.2m from an earlier round in 2008 in which Sevin Rosen, H.I.G. and Ventures West participated. Novo currently holds 12.1% of Alder’s stock, with other notable shareholders being Sevin Rosen (23.7%), Ventures West (14.7%), H.I.G. (11.8%), TPG Biotech and Delphi (11.4% each).
Alder plans to invest $37m of the proceeds in a Phase 2b trial of a monoclonal antibody that will be used to combat migraines and $5.5m in preclinical product development. The rest, together with $23m of cash and cash equivalents it has on hand, will be reserved for working capital and general corporate purposes.
Credit Suisse Securities (USA), Leerink Partners, Wells Fargo Securities and Sanford C. Bernstein & Co. are acting as underwriters for the offering.