AbbVie extends period to exercise option with Aldeyra

In a regulatory filing, Aldeyra Therapeutics (ALDX) disclosed that on December 21, Aldeyra announced that pursuant to the previously disclosed Exclusive Option Agreement by and between AbbVie (ABBV) and Aldeyra dated as of October 31, 2023, AbbVie has extended the period during which it may exercise its option to enter into the Co-Development, Co-Commercialization and License Agreement with Aldeyra in the form attached to the Option Agreement by paying Aldeyra a non-refundable payment of $5M. “As a result of the Exercise Period Extension, AbbVie may exercise the Option by delivering written notice to Aldeyra at any time during the period following the Effective Date until the earlier of (a) the tenth business day after the date, if any, that Aldeyra receives approval from the U.S. Food and Drug Administration of its new drug application for reproxalap in dry eye disease and (b) the date that is eighteen months after the Effective Date. If the License Agreement is entered into, the Option Extension Fee will be credited against the upfront cash payment payable by AbbVie,” the filing stated.