Aveo Pharma Lands $1.4B Deal with Astellas, A Few Months Ahead of Cancer Trial Result
Summary
The deal brings an influx of cash to Aveo as the company completes a pivotal clinical trial of the drug in patients with an aggressive kidney cancer called advanced renal cell carcinoma (RCC).The companies said that they have agreed to share all development costs and potential profits from the drug in North America and in countries of the European Union, two of the key markets for the treatment.That’s a rare thing in oncology drug development, where there are a lot of clinical trials competing for the time and attention of doctors and nurses in major cancer centers.Wall Street, which is more accustomed to seeing companies make excuses about missing deadlines, reacted very positively, driving Aveo shares up from $9 at the IPO in March to $14.62 at year’s end.“When you see that kind of enrollment curve, it immediately suggests good execution, and enthusiasm in the medical community,” Ha-Ngoc told my Xconomy colleague Luke Timmerman during an interview last month at the JP Morgan Healthcare Conference in San Francisco.
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