ALDR - Here's Why Alder Biopharmaceuticals More Than Doubled in September
Shares of Alder Biopharmaceuticals (NASDAQ: ALDR) jumped 111% in September, according to data provided by S&P Global Market Intelligence, after the biotech said it will be acquired by Lundbeck.
Lundbeck, a fairly large drugmaker in Denmark, is after Alder Pharmaceuticals' migraine medication eptinezumab, which is under FDA review with a decision expected in February 2020. Alder also has a preclinical program for migraines, but essentially all of its value is wrapped up in eptinezumab.
Eptinezumab is a CGRP inhibitor in the same class as Teva Pharmaceutical's Ajovy, Eli Lilly's Emgality, and Aimovig from Amgen and Novartis. Those big pharmaceutical companies posed a substantial threat to Alder's ability to market eptinezumab, and investors rightfully discounted the drug's potential accordingly.