AVEO and Biogen alliance for ErbB3-targeted antibodies
AVEO Pharmaceuticals has signed a definitive agreement with fellow USA-based Biogen Idec, for the development and commercialization of the former's novel discovery-stage ErbB3-targeted antibodies for the potential treatment of cancer and other diseases.
Under the terms of the deal, AVEO will receive an up-front payment and is eligible for milestones based on the achievement of specified development goals. Biogen will have an option exercisable at proof-of-concept to development and commercialization rights to ErbB3 binding antibodies for territories outside of North America. AVEO retains the latter, and is responsible for leading global development of the ErbB3 program. Financial terms of the transaction were not disclosed.
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