) recently announced that it has regained worldwide rights of
candidate AV-203 from
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We note that AVEO was developing oncology candidate AV-203 in
collaboration with Biogen which had an option to develop the
candidate outside the United States. The collaboration dates back
to 2009 whereby AVEO retained the exclusive rights to
commercialize AV-203 in North America.
AVEO completed a phase I safety study on AV-203 in May
2013. AVEO expects to report results from the phase I study
at a scientific meeting later in 2014.
Under the terms of the amended agreement, Biogen renounced its
rights to develop and commercialize AV-203 outside North America.
AVEO has several other candidates in its pipeline including
ficlatuzumab (phase II - first line non-small cell lung cancer),
AV-380 (first human trial planned for the second half of 2015 -
cancer cachexia) and tivozanib.
We note that AVEO and partner
Astellas Pharma, Inc.
) announced their decision to terminate their agreement for the
development and commercialization of oncology candidate,
tivozanib in Feb 2014. The worldwide collaboration and license
agreement, which dates back to 2011, will come to an end on Aug
11, 2014, with full rights to tivozanib going back to AVEO.
AVEO is now actively looking for a partner to support the
development of AV-203, ficlatuzumab and tivozanib. We expect
investor focus on the company's ability to secure a lucrative
partnership deal for its various candidates.
AVEO carries a Zacks Rank #3 (Hold). A better-ranked stock is
Alexion Pharmaceuticals, Inc.
) carrying a Zacks Rank #1 (Strong Buy).