Aldeyra shoots up on news of AbbVie deal
US ophthalmic drug developer Aldeyra Therapeutics (Nasdaq: ALDX) saw its shares leap 48.5% to $2.54 yesterday after it announced the signing of a deal with pharma major AbbVie (NYSE: ABBV).
Under the terms of the accord, AbbVie has the option to acquire a co-exclusive license to develop, manufacture, and commercialize Aldeyra’s reproxalap in the USA and an exclusive license to develop, manufacture, and commercialize reproxalap outside the USA.
Reproxalap could help replace AbbVie’s sales of its dry eye disease drug Restasis (cyclosporine ophthalmic emulsion), which continue to slide following the first generic approval in February 2022.
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