BOTHELL, Wash., July 26, 2019 (GLOBE NEWSWIRE) -- Alder BioPharmaceuticals, Inc. (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 40,000 shares of Alder’s common stock and an award of 20,000 restricted stock units (“RSUs”) to a new employee under Alder’s 2018 Inducement Award Plan, effective July 23, 2019 (the “Grant Date”).
The stock option will vest with respect to 25% of the shares underlying the option one year after the 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 the employee’s employment start date, subject to the employee’s continued service to Alder through each relevant vesting date. The option has a ten year term and an exercise price of $10.35 per share, which is equal to the closing price of Alder’s common stock on the Grant Date.
One-fourth of the RSUs will vest yearly on each anniversary of the Grant Date, such that the RSUs granted to the employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to the employee’s continued service to Alder through each relevant vesting date.
The stock option and the RSUs were granted as an inducement material to the 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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