Aldeyra Therapeutics and AbbVie enter agreement for development and commercialisation of reproxalap
Betsy Goodfellow | November 2, 2023 | News story | Business Services | AbbVie, Aldeyra Therapeutics, Opthalmology, reproxalap
Aldeyra Therapeutics and AbbVie have announced that they have entered into an exclusive option agreement for the license to develop, manufacture and commercialise reproxalap both in the US and outside the US.
Under the terms of this agreement, AbbVie has the option to acquire a co-exclusive license to develop, manufacture and commercialise the drug inside and out of the US. Aldeyra will therefore receive a non-refundable option fee of $1m as well as an upfront payment of $100m minus option fees if AbbVie chooses to exercise the option.
Aldeyra will also be eligible for $300m in regulatory and commercial milestone payments, including a $100m payment on US Food and Drug Administration (FDA) approval of the drug in dry eye disease. The two companies are expected to share profits and losses from commercialisation of the drug.
According to Aldeyra’s press release, “Exercise of the option will also grant AbbVie the right of first negotiation for compounds that are owned or otherwise controlled by Aldeyra in the field of ophthalmology relating to treating conditions of the ocular surface. The right of first negotiation is in addition to a right to review data for any other compounds that are owned or otherwise controlled by Aldeyra in the fields of ophthalmology and immunology before such data is shared with any other third party.”
Betsy Goodfellow
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