Aldeyra Therapeutics, Inc. (NASDAQ:ALDX) has entered into an exclusive options agreement with AbbVie. AbbVie has the option to acquire a co-exclusive license to develop, manufacture and commercialize reproxalap in the U.S. and an exclusive license outside the U.S. Aldeyra will receive a non-refundable option fee of $1 million and an upfront payment of $100 million. Aldeyra could receive up to $300 million in regulatory and commercial milestone payments. Shares of ALDX are up on heavy trading volume after the announcement.