Here's Why Alder Biopharmaceuticals Is Rocketing Higher Today
Shares of Alder Biopharmaceuticals (NASDAQ: ALDR), a clinical-stage biopharmaceutical company, rocketed higher following a generous buyout offer from Lundbeck A/S. Investors thrilled about the huge premium Lundbeck is willing to pay have driven Alder's stock price 83.9% higher as of 12:55 p.m. on Monday.
At the moment, Alder is waiting for the FDA to finish reviewing a new drug application for its lead candidate, eptinezumab, a CGRP inhibitor for the prevention of migraine headaches. If approved, eptinezumab will become the fourth drug of its class. Unlike the other injections, Alder's drug must be delivered through an inconvenient intravenous infusion.
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