In March 2009, AVEO and Biogen Idec have entered into an exclusive option and license agreement regarding the development and commercialization of AVEO’s discovery-stage ErbB3-targeted antibodies for the potential treatment and diagnosis of cancer and other diseases outside of North America.
AVEO retained the exclusive right to commercialize ErbB3 antibody products in North America.
As part of the amended agreement, Biogen waives its option to rights outside of North America to AV-203, thereby providing worldwide rights to AV-203 to AVEO.
In return, AVEO will have certain financial obligations to Biogen with respect to amounts AVEO receives from certain development and sales milestones and royalties on net sales for AV-203.
In May 2013, AVEO had completed a Phase I safety trial with AV-203 showing no dose limiting toxicities across the entire dose range up to and including the maximum administered dose of 20mg/kg.
The company said that results from the Phase I safety trial are expected be released later in 2014.
AVEO Oncology chief business officer Michael Bailey said the company is happy to regain rights for AV-203 as it believes in the potential of this new therapy and are looking forward to maximizing its value.
"As stated in our recently outlined strategy, this amended agreement enables us to seek a partner with established oncology capabilities that can accelerate and financially support the clinical development of AV-203," Bailey said.