AVEO Oncology Announces $2.8M Development Milestone Earned from Kyowa Kirin
AVEO Oncology (Nasdaq: AVEO) today announced that it has earned a $2.8 million development milestone payment from partner Kyowa Kirin Co., Ltd. (Kyowa Kirin).
- AVEO Oncology (Nasdaq: AVEO) today announced that it has earned a $2.8 million development milestone payment from partner Kyowa Kirin Co., Ltd. (Kyowa Kirin).
- This milestone marks an important step forward for AVEOs non-oncology pipeline, said Michael Bailey, president and chief executive officer of AVEO.
- We believe tivozanibs potential in non-oncology indications is significant, and we look forward to seeing Kyowa Kirin move this formulation into the clinic.
- Under the terms of AVEOs agreement with Kyowa Kirin, in addition to the previously-paid upfront payment of $25 million to AVEO and waiver of AVEOs obligation to make an $18 million milestone payment upon AVEO gaining U.S. marketing approval of tivozanib for renal cell carcinoma, and now the IND development milestone, Kyowa Kirin has also agreed to pay AVEO up to an additional $388 million in potential milestone payments upon the successful achievement of certain development, regulatory, and commercial objectives in non-oncology indications of tivozanib.