Alder proposes $115M follow-on

After completing a downsized IPO in May, Alder Biopharmaceuticals Inc. (NASDAQ:ALDR) is proposing to raise $115 million in a follow-on underwritten by Credit Suisse; Leerink; Wells Fargo; and Sanford Bernstein.

The antibody company raised $80 million in its IPO, selling 8 million shares at $10 and valuing Alder at $299 million. It originally hoped to sell 7.2 million shares at $13-$15, which at the midpoint would have brought in more than $100 million (see BioCentury Extra, May 8). ...