AVEO Oncology enters into Agreement with Novartis (NVS) regarding AVEO’s AV380 program
The AV380 Agreement provides for the continued transfer to AVEO of the preclinical, technical, manufacturing and other data and materials developed by Novartis, as well as cooperation regarding future regulatory filings by AVEO relating to the AV380 Program. The Agreement also provides that in order to support AVEO's further development of the AV380 Program, Novartis will (a) make a one-time payment to AVEO of $2.3 million on or before January 2, 2019, and (b) provide the AV380 drug supply, valued at approximately $4.0 million, to AVEO at no charge.
- AVEO intends to use the $2.3 million payment to cover the milestone obligation due in January 2019 to St. Vincent's Hospital Sydney Ltd. ("St. Vincent's") under AVEO's Amended and Restated License Agreement with St. Vincent's dated August 13, 2015, pursuant to which AVEO in-licensed certain of the intellectual property underlying the AV380 Program.