The deal starts small but could end big, with Aveo getting a $2.5 million upfront and a commitment of up to $394 million in milestones from EUSA Pharma.
Former Aveo Oncology CEO Tuan Ha-Ngoc has left his post as chairman of the company's board, walking away from the struggling drugmaker as it tries to reverse a long line of missteps.
Over the past few years, Aveo Oncology has watched each of its most promising cancer treatments flame out, but pharma giant Novartis sees potential in one of the company's early-stage assets, and the Swiss drugmaker has come through with a deal worth up to $326 million to partner on the project.
An optimistic Aveo Oncology recently plotted a path back to Phase III with its thrice-failed cancer drug, but the FDA wants to see more data before signing off on that idea, dealing another blow to the troubled biotech.
According to Aveo, a pair of key advisers to the European Medicines Agency has allowed that TIVO-1 may not have been the kiss of death that the FDA made it out to be two years ago. The biotech says it got a clear signal that the European agency would at least consider an application based on the data at hand.
Aveo Oncology, battered by a long series of clinical setbacks, says it has found a potential path to success with tivozanib, a cancer treatment that has failed in three trials.
Battered by a string of clinical failures, Aveo Oncology is cutting the cord on its internal research operation, ditching two-thirds of its staff and shaking up the C suite.
With former collaborator Astellas Pharma long since out the door, Aveo Oncology has found another partner willing to take a shot on the troubled tivozanib, signing a modest deal with Ophthotech to see how the cancer drug fares in eye diseases.
With the departure of Astellas and now Biogen Idec, Aveo Oncology is fresh out of collaborators, sending the struggling biotech back to the partnering table as it looks to advance an early-stage cancer drug.
Japan's Astellas Pharma has seen enough of tivozanib, washing its hands of the once-promising cancer drug and putting an end to a three-year collaboration with Aveo Oncology.