AVEO Pharmaceuticals, CANbridge AV-203 Licensing Deal Axed, AVEO Regains Ex-North American Rights

AVEO Pharmaceuticals Inc’s AVEO brief positive news of getting FDA approval for Tivozanib in relapsed kidney cancer this month was upset after its partner CANbridge Life Sciences voluntarily terminated the collaboration agreement.

• The company said it would “regain its rights” to the investigational cancer med AV-203 outside North America from early September.
• The deal was inked in 2016, with $1 million upfront and up to $133 million in milestone payments.
• In August 2018, AVEO received a $2 million milestone payment from CANbridge for regulatory approval from the National Medical Products Administration in China for AV-203 investigational new drug application in esophageal squamous cell cancer.
• AV-203 is an IgG1 antibody. To date, AVEO has completed a Phase 1 dose-escalation study of AV-203 in patients with advanced solid tumors (N=22).
• On Friday, AVEO collaborated with Bristol-Myers Squibb Co BMY to evaluate Fotivda (tivozanib) in combination with Opdivo (nivolumab) in advanced relapsed or refractory renal cell carcinoma following prior immunotherapy exposure.
• Price Action: AVEO shares are up 0.08% at $12.45 in market trading hours on the last check Monday.