Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →AbbVie and Aldeyra Therapeutics today announced they have entered into an exclusive option agreement for reproxalap. Upon exercise, Aldeyra would receive…
Aldeyra Therapeutics shares fell more than 30 percent after the company announced an option deal with AbbVie for dry-eye candidate reproxalap that investors…
FDA rejected Aldeyra's reproxalap for dry eye disease for the third time, citing inconsistent study findings and a lack of adequate and well-controlled…
Source summaries from our enrichment pipeline; follow links for originals.
All 15 sources with sentiment breakdown →
Aldeyra and AbbVie entered an exclusive option agreement for reproxalap (a reactive aldehyde species modulator) on October 31, 2023. Upon option exercise, AbbVie would pay $100M upfront (less $6M in prior option fees) for a co-exclusive U.S. license plus an exclusive ex-U.S. license, with Aldeyra eligible for up to $300M in regulatory/commercial milestones, a 60/40 U.S. profit share to AbbVie, and tiered ex-U.S. royalties. The parties EXPANDED the agreement on November 18, 2024 (concurrent with FDA acceptance of the dry-eye NDA): they added pre-commercial cost-sharing (60% AbbVie / 40% Aldeyra), a $100M milestone contingent on FDA approval, and amended the option to expire 10 business days following any FDA approval of reproxalap for dry eye disease. The deal's economics never triggered: the reproxalap dry-eye program drew three Complete Response Letters (November 2023, April 2025, and a third on March 17, 2026 citing a lack of substantial evidence of efficacy, which sent Aldeyra shares down ~65% and spawned securities class actions). As of Aldeyra's February 27, 2026 10-K and its March 2026 8-K, AbbVie had NOT exercised the option and had NOT terminated the agreement; exercise remains contingent on an FDA approval that has not occurred, leaving the deal pending and increasingly imperiled.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| AbbVie Inc. / Aldeyra Therapeutics, Inc. (this deal) | 2023 | $400M | — |
| AbbVie Inc. / Boehringer Ingelheim GmbH | 2016 | $2.2B | 95 |
| AbbVie Inc. / Genmab A/S | 2020 | $3.9B | 81 |
| AbbVie Inc. / Pharmacyclics Inc. | 2015 | $21.0B | 79 |
| AbbVie Inc. / Apogee Therapeutics, Inc. | 2026 | $10.9B | 72 |
| AbbVie Inc. / ImmunoGen Inc. | 2023 | $10.1B | 69 |
| AbbVie Inc. / Gilgamesh Pharmaceuticals Inc. | 2024 | $2.0B | 64 |
← Browse all deals · How we score deals
More: 2023 deals · AbbVie Inc. deals · Immunology deals