Novartis terminates antibody deal with AVEO Oncology

4 July 2018

According to a filing with the US Securities and Exchange Commission by biotech firm AVEO Oncology (Nasdaq: AVEO), late last month the company received a notification from partner Novartis (NOVN: VX) saying it was pulling out of their antibody collaboration, which will be effective on August 28.

Under the 2015 license agreement, worth a potential $326 million, AVEO had granted to Novartis the exclusive worldwide right to develop and commercialize AVEO’s proprietary antibody AV-380 and related AVEO antibodies that inhibit growth differentiation factor 15 (GDF15) for the treatment and prevention of disease and other conditions. AVEO’s shares dipped 3% in premarket trading yesterday.

Novartis has informed the company that the AV-380 Program is an important asset and that the previously disclosed development delays, and ultimately the Novartis decision not to pursue further development, is the result of changes in management and strategic priorities within Novartis.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK