AVEO Pharmaceuticals, Inc. (AVEO)

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You don’t reach $2.8 Million Dollar Development Milestones if you have a failing drug candidate

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.


AVEO Oncology Announces $2.8M Development Milestone Earned from Kyowa Kirin


August 5, 2020 4:05 PM
BOSTON--(BUSINESS WIRE)-- 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). The milestone relates to acceptance by the Japanese Pharmaceuticals and Medical Devices Agency of an investigational new drug (IND) application for tivozanib in a non-oncology indication being developed by Kyowa Kirin.

“This milestone marks an important step forward for AVEO’s non-oncology pipeline,” said Michael Bailey, president and chief executive officer of AVEO. “We believe tivozanib’s 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 AVEO’s agreement with Kyowa Kirin, in addition to the previously-paid upfront payment of $25 million to AVEO and waiver of AVEO’s 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. Kyowa Kirin will also be obligated to make tiered royalty payments on the net sales of a product for these indications, ranging from a high single-digit to low double-digit percent.


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