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European Ad Com backs AVEO's tivozanib for kidney cancer; shares up 57% premarket

Published 06/23/2017, 09:06 AM
© Reuters.  European Ad Com backs AVEO's tivozanib for kidney cancer; shares up 57% premarket
AVEO
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  • AVEO Oncology (NASDAQ:AVEO) is up 57% premarket on robust volume in response to its announcement that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending approval of FOTIVDA (tivozanib) for the treatment of advanced renal cell carcinoma.
  • If the European Commission approves the product, a decision expected in ~60 days, AVEO will receive a $4M R&D reimbursement payment from licensee EUSA Pharma as well as $12M in regulatory and reimbursement-related milestones.
  • Under their December 2015 agreement, AVEO is eligible for up to $394M in R&D funding and milestones and tiered royalties as high as mid-twenties percent.
  • Previously: AVEO inks license deal for tivozanib in Europe for kidney cancer; shares up 31% (Dec. 21, 2015)
  • Now read: 3 Things In Biotech You Should Learn Today: June 21, 2017


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