Novartis terminates antibody deal with AVEO Oncology
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.
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