Alder falls after BMS returns clazakizumab rights

Alder Biopharmaceuticals Inc. (NASDAQ:ALDR) fell $2.24 (13%) to $14.80 on Tuesday after Bristol-Myers Squibb Co. (NYSE:BMY) discontinued development of clazakizumab ( BMS-945429) and returned worldwide rights to Alder. The humanized mAb against IL-6 has completed a Phase IIb trial in patients with moderate to severe rheumatoid arthritis with an inadequate response to methotrexate and is in a Phase IIb trial to treat active psoriatic arthritis, with data slated for November.

Alder said BMS based its decision on a portfolio prioritization rather than new data or technical issues, and that there are no fees associated with the transaction. ...