Aldeyra rises on agreement with AbbVie for eye drug

Aldeyra Therapeutics

01/11/2023 14:20

** Shares of drug developer Aldeyra Therapeutics  ALDX.O 
rise 33.33% to $2.28
    ** Co enters into an exclusive option agreement with AbbVie
 ABBV.N  
    ** Under the terms of the option agreement, AbbVie has the
option to acquire a co-exclusive license to develop,
manufacture, and commercialize ALDX's eye drug reproxalap in the
US
    ** Co will receive a non-refundable option fee of $1 million
and an upfront payment of $100 million if ABBV chooses to
exercise the option
    ** ALDX would be eligible to receive up to $300 million in
regulatory and commercial milestone payments, inclusive of a
$100 million milestone payment upon U.S. FDA approval of
reproxalap for dry eye disease
    ** In Oct, FDA informed co that there is not enough data to
support the experimental eye disease drug's application
    ** ALDX stock down 70% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))