Benzinga | Mar 15, 2021 10:41AM EDT

AVEO Pharmaceuticals, CANbridge AV-203 Licensing Deal Axed, AVEO Regains Ex-North American Rights

AVEO Pharmaceuticals Inc's (NASDAQ: AVEO) brief positive news of getting FDA approval for Tivozanib in relapsed kidney cancer this month was upset after its partner CANbridge Life Sciences voluntarily terminated the collaboration agreement.

* The company said it would "regain its rights" to the investigational cancer med AV-203 outside North America from early September.

* The deal was inked in 2016, with $1 million upfront and up to $133 million in milestone payments.

* In August 2018, AVEO received a $2 million milestone payment from CANbridge for regulatory approval from the National Medical Products Administration in China for AV-203 investigational new drug application in esophageal squamous cell cancer.

* AV-203 is an IgG1 antibody. To date, AVEO has completed a Phase 1 dose-escalation study of AV-203 in patients with advanced solid tumors (N=22).

* On Friday, AVEO collaborated with Bristol-Myers Squibb Co (NYSE:BMY) to evaluate Fotivda (tivozanib) in combination with Opdivo (nivolumab) in advanced relapsed or refractory renal cell carcinoma following prior immunotherapy exposure.

* Price Action: AVEO shares are up 0.08% at $12.45 in market trading hours on the last check Monday.