Astellas has exercised its right to terminate the agreement signed in 2011 for strategic reasons, based on the clinical status of the three indications studied. The companies have also agreed to discontinue the Phase II BATON study in patients with colorectal cancer. Committed development expenses will be shared equally.
“We would like to thank Astellas for its commitment to tivozanib and our partnership over the past three years,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “Given today’s announcements, we are re-aligning our resources behind key development opportunities to bring clinically meaningful treatments to patients and create shareholder value. We look forward to outlining our corporate strategy when we report our fourth quarter and full year 2013 results.”
“While our decision is based on strategic reasons, Astellas is proud of our partnership and work with AVEO,” said Yoshihiko Hatanaka, president and chief executive officer of Astellas. “We remain committed to the field of Oncology to help meet the unmet needs of cancer patients.”