Aveo Pharma to Get $25M from OSI

12/1/10

Cambridge, MA-based Aveo Pharmaceuticals (NASDAQ:AVEO) said today that it expects to receive $25 million in two equal payments because OSI Pharmaceuticals has exercised its option to internalize Aveo’s Human Response Platform for certain research of cancer treatments and patient biomarker selection. The Human Response Platform is Aveo’s technology for engineering animal models with genetic mutations that are present in human forms of cancer. Aveo has received the first $12.5 million fee from OSI and the second payment of the same amount is expected once Aveo transfers the technology to OSI in July 2011, according to the companies.

By posting a comment, you agree to our terms and conditions.