Aldeyra Shares Rally After AbbVie Licensing Deal on Eye Drug
By Rob Curran
Aldeyra Therapeutics shares rose after the development-stage biotech company struck a licensing deal with drug giant AbbVie on an eye-condition drug.
Shares of Aldeyra rose 26% to $2.16 in premarket trading.
Aldeyra will receive a $100 million up-front payment, less option fees, and up to an additional $300 million in milestone payments, based on development and regulatory approval goals for the reproxalap product. That would include a $100 million payment if reproxalap receives Food and Drug Administration approval for treatment of dry-eye disease.
AbbVie will gain joint rights to market the drug in the U.S., and exclusive rights overseas.
In the U.S., there would be a 60-40 profit-sharing arrangement, with AbbVie getting the larger cut, and taking the same proportion of any losses. In overseas markets, Aldeyra would receive tiered royalties.
AbbVie would also receive the right of first negotiation for any other ophthalmological products developed by Aldeyra related to the ocular surface.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
November 01, 2023 08:33 ET (12:33 GMT)
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