Alder BioPharmaceuticals, Inc. announced that Paul B. Cleveland, a member of the Company's Board of Directors, has been appointed to serve as Interim President and Chief Executive Officer, effective immediately. Mr. Cleveland will continue to serve as a director of the Company. Mr. Cleveland's appointment follows the mutual determination by Randall C. Schatzman and the Board that now is the right time for Dr. Schatzman to step down as President, Chief Executive Officer and as a director.

Dr. Schatzman has agreed to serve as a consultant to the Company for an interim period in order to help ensure a smooth transition.