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GEN News Highlights : Mar 24, 2009

Biogen Idec Signs Up to Help Aveo Develop Its Discovery-Stage Cancer Program

Biogen Idec has the option to exercise rights covering the ErB3-targeted antibodies outside North America.

Aveo Pharmaceuticals and Biogen Idec are working together to develop Aveo's discovery-stage ErbB3-targeted antibodies to treat cancer. Biogen Idec will reserve the option at proof-of-concept to exercise development and commercialization rights to ErbB3 binding antibodies for territories outside of North America. AVEO retains all North American commercialization rights.

Aveo will receive an up-front payment and is eligible to receive milestone payments based upon the achievement of specified development goals and remains in charge of global development of the ErbB3 program.

"This agreement for the development and commercialization of our discovery-stage ErB3-targeted antibodies facilitates our strategy to develop a balanced portfolio of small molecule drugs and antibodies for the treatment of cancer," says Tuan Ha-Ngoc, president and CEO of AVEO.

ErbB3 is a type 1 tyrosine kinase receptor of the EFGR family that is widely expressed in human carcinomas, with demonstrated overexpression correlated with poor prognosis in several different tumor types.