Alder Biopharmaceuticals Inc (NASDAQ:ALDR) share rose as much as 62% in intraday after the company noted that its experimental infusion to prevent migraines met the main goal of a mid-stage trial. The shares rose by 57% from the initial public offering in May 2014 and marked the highest intraday gain ever. The shares were trading at $26.93. At 10:49 in New York.
According to a company statement, Alder’s drug ALD403 reduced migraine days by at least 75% on a monthly basis in 41% of patients on its highest dose. CEO Randall Schatzman noted that 13 million patients national wide were candidates for migration prevention. 3 million of that number suffers from a chronic migraine meaning they experience 15 or more headache days on a monthly basis with eight days or more being classified as migraine days.
The drug success news not only helped the company’s share but also contributed to keeping pace with its competitors. Drug makers Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) , Allergan Plc, Eli Lilly & Co (NYSE:LLY) and Amgen Inc. (NASDAQ:AMGN) are also looking to get their migraine therapies to the market. All of them with the inclusion of Alder have used a similar approach in the creation of these treatments know as anti-CGRPs. It works by suppressing the CCRP protein that is believed to have a crucial role in maintaining pain and causing migraines.
Schatzman noted that he expects the competitor’s drug to enter the market within nine to twelve months of each other, but Alder’s drug will set itself apart by how quickly it acts and how long the effect lasts. He also noted that they are proposing that patients dose four times a year while most of the other are looking at once in every month. He further pointed out that early stage data has shown that the treatment could potentially be self-administered.
The drug might get FDA approval by 2019. Alder plans to sell the drug independently in the U.S. to a targeted population of 13 million patients who are eligible for migraine prevention therapy.