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news.OSI Pharmaceuticals and Aveo Pharmaceuticals have entered into a small molecule drug discovery and translational research collaboration to develop proprietary target-driven tumor models for use in drug screening and biomarker validation.
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The companies intend to deploy these systems in support of drug discovery and clinical programs. Under the terms of the agreement, OSI will pay Aveo a total upfront of $10 million in cash and purchase equity valued at approximately $5 million.
OSI will also pay Aveo research funding, and milestones and royalties upon successful development and commercialization of products from the collaboration.
Tuan Ha-Ngoc, president and CEO of Aveo, said: “We are very pleased to collaborate with OSI to further demonstrate the utility of our rich target database and our proprietary human response prediction platform. This latest collaboration underscores the substantial opportunity that our expertise in cancer genetics and unique platform provide to increase the efficiency and probability of success in oncology drug discovery and development.”