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Alder closes $250M debt offering, terminates equity financing

Alder Biopharmaceuticals Inc. closed its underwritten offering of $250 million of its 2.50% convertible senior notes due 2025.

The company has also granted the underwriters an option to buy up to an additional $37.5 million of its notes to cover over-allotments.

Following the closing of this offering, Alder terminated its equity financing to sell the remaining $150 million of its preferred stock to certain institutional and other accredited investors affiliated with or managed by Redmile Group LLC.

Alder plans to use net proceeds to fund the development and commercialization of eptinezumab, and in particular, activities in support of achieving approval by the U.S. Food and Drug Administration for, and executing the commercial launch of, the infusion formulation of eptinezumab.

Goldman Sachs & Co. LLC, Leerink Partners LLC and Wells Fargo Securities LLC acted as book-running managers for the offering.