Merck Ends AVEO Collaboration

9/30/10

AVEO Pharmaceuticals (NASDAQ: AVEO), a Cambridge, MA-based cancer drug developer, announced today that it has regained its worldwide rights to its antibody drug candidate AV-299 from Merck’s Schering subsidiary. Merck said it ended its collaboration with AVEO because the drug candidate was no longer a priority in its portfolio, according to today’s announcement. AVEO, which initiated a Phase II clinical trial in June of the tumor-fighting drug alongside other treatments in patients with non-small cell lung cancer, said the company’s expected 2010 year-end cash balance will not be affected by Merck’s decision.

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