Aveo shares surge on a European licensing pact

Shares of Aveo Oncology ($AVEO) shot up 27% this morning after the biotech announced a European licensing pact for its long-troubled cancer drug tivozanib. 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. EUSA plans to file an application in Europe in early 2016 for use against advanced renal cell carcinoma. Release