BOTHELL, Wash., June 15, 2018 (GLOBE NEWSWIRE) -- Alder BioPharmaceuticals, Inc. (Nasdaq: ALDR ), a biopharmaceutical company focused on developing novel therapeutic antibodies for the treatment of migraine, today reported the grant of inducement awards to Robert (“Bob”) Azelby, effective as of June 13, 2018.
The compensation committee of Alder's board of directors granted Mr. Azelby (a) an option to purchase 1,000,000 shares of common stock (the “Time-Based Option”) and (b) an option to purchase 150,000 shares of common stock (the “Performance-Based Option”), each pursuant to Alder’s 2018 Inducement Award Plan. The Time-Based Option will vest with respect to 25% of the shares underlying the Time-Based Option one year after Mr. Azelby’s employment start date and the remaining 75% of the shares underlying the Time-Based Option will vest in equal monthly installments over the 36 month period following the one year anniversary of Mr. Azelby’s employment start date, subject to his continued service to Alder through each relevant vesting date. The Performance-Based Option will vest based upon acceptance by the U.S. Food and Drug Administration (or any successor entity thereto) (the “FDA”) of the first Biologics License Application submitted to the FDA by Alder or an affiliate seeking approval for the commercial sale and marketing of eptinezumab in the United States. The stock options have a ten-year term and an exercise price of $16.20, equal to the per share closing price of Alder's common stock as reported by Nasdaq on June 13, 2018.
The stock options were granted as an inducement material to Mr. Azelby entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About Alder BioPharmaceuticals, Inc. Alder BioPharmaceuticals is a clinical-stage biopharmaceutical company focused on transforming the migraine treatment paradigm through the discovery, development and commercialization of novel therapeutic antibodies. Alder’s lead product candidate, eptinezumab, is a pivotal-stage monoclonal antibody (mAb) that inhibits calcitonin gene-related peptide (CGRP). Eptinezumab is currently in late-stage clinical development and, if approved, will be the first-to-market infusion therapy for migraine prevention. Alder is also developing ALD1910, a preclinical mAb that inhibits pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38) for migraine prevention. For more information, visit www.alderbio.com .
Investor Relations Contact: Ashwin Agarwal Vice President, Corporate Strategy Alder Biopharmaceuticals, Inc. 425-408-8567 aagarwal@alderbio.com
Michael Schaffzin Stern Investor Relations, Inc. 212-362-1200 michael@sternir.com
Media Contact: Ashley Cadle TogoRun 310-463-0143 a.cadle@togorun.com
