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AVEO announces research agreement with Ophthotech
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AVEO Oncology has entered into a research and exclusive option agreement with Ophthotech, according to a press release.
The agreement provides Ophthotech with an exclusive license outside of Asia to examine the potential of AVEO’s tivozanib, a small-molecule VEGF tyrosine kinase inhibitor, for the potential treatment of non-oncologic diseases of the eye.
Under the agreement, Ophthotech is obligated to pay AVEO an upfront option fee of $500,000.
Additionally, during the option term of the agreement, if Ophthotech opts to continue development of the ocular formulation of tivozanib after its initial analysis, AVEO is eligible to receive up to $8 million in milestone payments based upon the accomplishment of specified research, development and business goals, according to the release.
If Ophthotech exercises its option to obtain additional development and commercialization rights to tivozanib and products containing tivozanib for non-oncologic eye indications in territories outside Asia, AVEO would receive an option exercise fee of $2 million. The company could also receive clinical and regulatory-based milestone payments of up to $50 million, sales based milestone payments of up to $45 million and royalties on product sales, according to the release.