CAMBRIDGE, Massachusetts and TOKYO – (COMMERCIAL THREAD) – AVEO Oncology (NASDAQ: AVEO) and Astellas Pharma Inc. (TSE: 4503) announced today that the companies will end their global collaboration and license agreement for the development and commercialization of the agent experimental tivozanib. Tivozanib is an investigational tyrosine kinase inhibitor of all three vascular endothelial growth factor (VEGF) receptors. Astellas exercised its right to terminate the agreement signed in 2011 for strategic reasons, based on the clinical status of the three indications studied. In addition, the companies have agreed to discontinue the current BATON phase 2 (Biomarker
Aevaluation of Tivozanib in TOcology) in patients with colorectal cancer (CRC). The termination of the collaboration will take effect on August 11, 2014, the date on which the rights to tivozanib will be returned to AVEO. In accordance with the collaboration and license agreement, the development expenses incurred will be shared equally.
“We would like to thank Astellas for their commitment to tivozanib and our partnership over the past three years,” said Tuan Ha-Ngoc, President and CEO of AVEO. “Based on today’s announcements, we are realigning our resources on key development opportunities to bring clinically meaningful treatments to patients and create shareholder value. We look forward to presenting our corporate strategy when we release our fourth quarter and fiscal 2013 results ”.
“Although our decision is based on strategic reasons, Astellas is proud of our partnership and collaboration with AVEO,” said Yoshihiko Hatanaka, President and CEO of Astellas. “We remain committed to the field of oncology to help meet the unmet needs of cancer patients. ”
Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical company dedicated to improving the health of people around the world through the provision of innovative and reliable pharmaceutical products. Astellas has approximately 17,000 employees worldwide. The organization is committed to becoming a world leader in the fields of urology, immunology (including transplantation) and infectious diseases, oncology, neuroscience and complications of DM and kidney disease. For more information about Astellas Pharma Inc., please visit the company’s website at www.astellas.com/en.
AVEO Oncology (NASDAQ: AVEO) is a cancer treatment company committed to the discovery and development of targeted therapies designed to have a substantial impact on the lives of patients by addressing unmet medical needs. AVEO’s proprietary human response platformMT provides the company with unique information on the biology of cancer and is used in the discovery and clinical development of its cancer treatments. For more information, please visit the company’s website at www.aveooncology.com.
Private Securities Litigation Reform Act of 1995 which involves substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “target”, “potential”, “could”, ” should “,” or the negative of such terms or other similar expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among others, statements on AVEO’s plans to realign its resources to deliver meaningful treatment to patients and create shareholder value. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements of AVEO. AVEO due to a number of important factors, including risks related to: AVEO’s ability to execute its business plan and realign its resources behind key development opportunities; l AVEO’s ability to recruit and conduct clinical trials and preclinical studies of its product candidates; AVEO’s ability to demonstrate, to the satisfaction of the FDA or equivalent foreign regulatory agencies, the safety, efficacy and clinically meaningful benefits of its product candidates; AVEO’s ability to achieve and maintain compliance with all regulatory requirements applicable to its product candidates; AVEO’s ability to obtain and maintain adequate protection of intellectual property rights relating to its product candidates and technologies; developments and expenses related to the ongoing litigation between AVEO shareholders and the SEC investigation; AVEO’s ability to raise the substantial additional funds necessary to achieve its objectives; general unfavorable economic and industrial conditions; competitive factors; AVEO’s ability to maintain its strategic partnerships and relationships; and the risks discussed in the section titled “Risk Factors” included in AVEO’s most recent Quarterly Report on Form 10-Q and in its other documents filed with the SEC. The forward-looking statements contained in this press release represent the views of AVEO as of the date of this press release. AVEO expects subsequent events and developments to change its point of view. However, although AVEO may choose to update these forward-looking statements at some time in the future, it specifically disclaims any obligation to do so. You should therefore not rely on these forward-looking statements as representing the views of AVEO as of a date subsequent to the date of this press release.