Aveo's Ha-Ngoc steps down after years of clinical failure

Tuan Ha-Ngoc

Former Aveo Oncology ($AVEO) CEO Tuan Ha-Ngoc has left his post as chairman of the company's board, walking away from the struggling drugmaker as it tries to reverse a long line of missteps. Ha-Ngoc's resignation caps a 13-year tenure at the Cambridge, MA, company, a period that saw three clinical failures and two FDA rejections for the cancer therapy tivozanib, sending Aveo on a value-destroying spiral that led partners Astellas and Biogen ($BIIB) to cut their ties with the biotech. Aveo's board removed Ha-Ngoc from the CEO post in January, appointing him chairman in place of former Genzyme chief Henri Termeer. With Ha-Ngoc stepping down, Termeer has retaken the chairmanship, Aveo said. Release

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