I created a redirect from a company we acquired to our site. In my backlink audit, it shows this link as extremely toxic. What are my options?
You can disavow the backlink in Webmaster Tools.
You can use tool google disavow stop. Very good
Toxic backlinks are the unnatural links that can harm the search rankings of your website. I would suggest to make a list of those links and disavow them through your search console or if you have control over those backlinks just delete them from those websites.
Here is the complete guide that you must read before you proceed - https://support.google.com/webmasters/answer/2648487?hl=en
You can disavow those toxic link with the help of google disavow tool.
Make it a nofollow link. You can do with webmasters!