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BOTHELL, Wash., Aug. 02, 2019 (GLOBE NEWSWIRE) -- Alder BioPharmaceuticals, Inc. (Nasdaq: ALDR), a biopharmaceutical company focused on developing novel therapeutic antibodies for the treatment of migraine, today reported that the Compensation Committee of Alder’s Board of Directors granted a non-qualified stock option to purchase an aggregate of 45,000 shares of Alder’s common stock and an award of 25,000 restricted stock units (“RSUs”) to a new employee under Alder’s 2018 Inducement Award Plan (the “Inducement Plan”), effective July 29, 2019 (the “Grant Date”), and another aggregate of 178,300 RSUs to 28 other new employees under the Inducement Plan, effective July 30, 2019.
The stock option will vest with respect to 25% of the shares underlying the option one year after the applicable employee’s employment start date and the remaining 75% of the shares underlying the option will vest in equal monthly installments over the 36 month period following the one year anniversary of such employee’s employment start date, subject to such employee’s continued service to Alder through each relevant vesting date. The option has a ten year term and an exercise price of $10.34 per share, which is equal to the closing price of Alder’s common stock on the Grant Date.
One-fourth of each of the RSUs will vest yearly on each anniversary of the applicable employee’s employment start date, such that the RSUs granted to such employee will be fully vested on the fourth anniversary of such employee’s employment start date, in each case, subject to such employee’s continued service to Alder through each relevant vesting date.
The stock option and the RSUs were granted as inducements material to each employee’s entering into employment with Alder in accordance with Nasdaq Listing Rule 5635(c)(4).
About Alder BioPharmaceuticals, Inc.
Alder BioPharmaceuticals is a clinical-stage biopharmaceutical company focused on transforming migraine treatment through the discovery, development and commercialization of novel therapeutic antibodies. Eptinezumab, Alder’s lead product candidate for migraine prevention, is an investigational monoclonal antibody (mAb) that is delivered via IV and designed for 100% bioavailability with high specificity and strong binding for suppression of calcitonin gene-related peptide (CGRP). If approved by the U.S. Food and Drug Administration, it will be the first IV therapy for migraine prevention. Alder is also developing ALD1910, a preclinical mAb designed to inhibit pituitary adenylate cyclase-activating polypeptide-38 (PACAP-38) for migraine prevention. For more information, please visit www.alderbio.com.
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