Alder receives rights to eptinezumab IP from Teva

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; Tel Aviv:TEVA) granted Alder BioPharmaceuticals Inc. (NASDAQ:ALDR) rights to IP related to eptinezumab (IV ALD403). Alder also announced that the migraine prevention candidate met the primary endpoint in a second Phase III trial, and entered a stock purchase agreement for up to $250 million with Redmile Group to finance the deal with Teva.

Alder received a non-exclusive, worldwide license, excluding Japan and Korea, to Teva’s anti-calcitonin gene-related peptide (CGRP) antibodies and methods for use, and will withdraw an appeal to the European Patent Office opposing Teva’s EU Patent No. EP1957106 B1. Teva will receive $25 million up front, and is eligible for a $25 million milestone upon approval of eptinezumab and up to $150 million in sales milestones, plus royalties from 5-7%...