Aldeyra Therapeutics and AbbVie have signed an exclusive option agreement for the development, manufacture and commercialisation of reproxalap.

Reproxalap is a reactive aldehyde species modulator indicated as a potential treatment for dry eye disease under the US Food and Drug Administration’s New Drug Application Review.

AbbVie can obtain a co-exclusive licence for reproxalap’s development, manufacture and commercialisation in the US, and an exclusive licence for these activities outside the country.

If the company decides to exercise the option, Aldeyra will be granted a $1m non-refundable option fee and a $100m upfront payment minus option fees.

Aldeyra will also be eligible for up to $300m in commercial and regulatory milestone payments, including a $100m payment upon the approval of reproxalap in dry eye disease by the US Food and Drug Administration (FDA).

60% of US profits or losses from reproxalap’s commercialisation would go to AbbVie and 40% to Aldeyra.

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For markets outside the US, Aldeyra would receive tiered royalties based on net sales of reproxalap.

Exercising the option will provide AbbVie with the initial opportunity to negotiate for compounds within Aldeyra’s ownership or control, specifically in the ophthalmology field for treating ocular surface conditions.

Abbvie will also have the right to review data related to any other compounds owned or controlled by Aldeyra in the ophthalmology and immunology fields before such data is shared with any third party.