Life sciences company Alder BioPharmaceuticals has raised $38m in a Series D financing round led by new investor Novo Ventures, and joined by existing Alder investors Sevin Rosen Funds, Ventures West, WRF Capital, H.I.G. Ventures, Delphi Ventures and TPG Biotech.
The capital will be used to support the development of the company’s clinical stage pipeline, it said.
“We are proud that in the four years since our Series C round, the Alder Team has been tremendously successful in building a pipeline of therapeutics that enabled this round of financing,” said Randall Schatzman, PhD, president and chief executive officer of Alder BioPharmaceuticals. “This financing will provide us with the resources to advance ALD403, which targets well-validated biology in treating migraine and has a similar potential as ALD518 to be a significant game-changer in its disease area. We are fortunate to have a strong team of investors behind the company, including the newly added Novo Ventures, as we move this and our other clinical and preclinical programs through further development.”
Peter Bisgaard, a partner with Novo Ventures, will join Alder’s board of directors as part of the deal. He said, “We are excited to join Alder as an investor at this important time in the company’s evolution. Alder’s ability to move high-quality antibody therapeutics efficiently into diverse disease areas is attractive, and we look forward to seeing their pipeline advance through further clinical investigation.”
Novo is the holding company of the Novo Group, and is wholly owned by the Novo Nordisk Foundation. It was established in 1999 to manage the assets of the foundation and actively make investments on its behalf. Novo Ventures focuses on life sciences venture capital, and is active in both Europe and North America. The firm has four partners in Copenhagen, one in London and three in San Francisco. With an evergreen structure, it annually invests approximately $100m $120m in venture capital into private life sciences companies.
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