Biogen Idec Gives Worldwide AV-203 Rights Back to Aveo
Aveo Oncology has regained worldwide rights to its clinical-stage ErbB3 (HER3) inhibitory antibody candidate AV-203 from Biogen Idec, with which it made a deal back in 2009 to develop Aveo's discovery-stage ErbB3-targeted antibodies to treat cancer. Michael Bailey, Aveo Oncology's CBO, said in a statement that this change in the agreement will allow Aveo to seek a new partner to support and help speed up AV-203's clinical development.
Per the new terms of the agreement, Biogen is waiving its option to rights outside of North America to AV-203, thus handing over to Aveo the worldwide rights to the candidate; under the original agreement, Aveo retained AV-203 commercialization rights in North America alone. In return, Aveo says it will have financial obligations to Biogen with respect to what Aveo receives from specific development and sales milestones and royalties on net sales for AV-203.
AV-203, according to Aveo, is designed to inhibit both ligand-dependent and ligand-independent ErbB3 signaling; ErbB3 is a receptor expressed in many cancers. The firm says it successfully completed a Phase I study last May with AV-203 showing no dose-limiting toxicities across the entire dose range up to and including 20 mg/kg.
"We believe in the potential of this innovative therapy and are looking forward to maximizing its value," Bailey commented.