Discovered by AVEO Pharmaceuticals Inc. (8917542), AV-299 is a highly potent antagonist of hepatocyte growth factor/scatter factor (HGF/SF) that has been found highly efficient against preclinical models of human cancer.
AVEO has entered into a development and commercialization agreement with Schering-Plough (NYSE:SGP) for the antibody AV-299.
The terms of agreement include:
- AVEO will have primary responsibility for clinical development of AV-299 through proof-of-concept in man.
- AVEO will also apply its HRP™ platform during a multi-year translational research program designed to discover biomarker profiles of patients most likely to benefit from treatment with AV-299.
- Results of this research will be used to design the optimal clinical development plan for AV-299.
- AVEO retains the option to co-promote AV-299 in the United States for certain oncology indications.
- AVEO will receive a $7.5 million upfront payment and a $10 million equity investment from Schering-Plough.
- Schering-Plough will fund all research and development expenses.
- Milestone payments for the successful development and commercialization of AV-299, if all approvals in multiple indications and all sales milestones are achieved, could exceed $460 million.
- (upon commercialization) AVEO is eligible to receive royalties on net sales.
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