Leonardo Penuela Bernal/iStock via Getty Images
- AbbVie (NYSE:ABBV) has extended the period during which it can exercise an option for a co-development, co-commercialization and license agreement with Aldeyra Therapeutics (NASDAQ:ALDX) for dry eye candidate reproxalap.
- As a result, AbbVie (ABBV) is paying a non-refundable $5M option extension fee.
- The original option agreement was signed in late October.
- AbbVie (ABBV) now can exercise its option by the earlier of (a) the 10th business day after the date that Aldeyra (ALDX) receives U.S. FDA approval for reproxalap; and (b) 18 months after the effective date of the extension agreement.
- In late November, the agency issued a Complete Response Letter for reproxalap.
