Alder raises $250M in notes offering

Alder BioPharmaceuticals Inc. (NASDAQ:ALDR) raised $250 million late Monday through the sale of seven-year senior notes which bear interest at 2.5%, mature in 2025 and initially convert at about $20.25. The conversion price is a 21% premium over Alder’s close of $16.70 on Jan. 26, before the company proposed early Monday to raise $200 million. The offering was underwritten by Goldman Sachs, Leerink and Wells Fargo.

Next half, Alder plans to submit a BLA to FDA for eptinezumab (IV ALD403) to prevent migraine. The candidate is a mAb targeting calcitonin gene-related peptide (CGRP)...