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|Item 1.02.|| |
Termination of a Material Definitive Agreement.
On March 9, 2021, CANbridge Life Sciences Ltd. (“CANbridge”) exercised its right to terminate for convenience the Collaboration and License Agreement, dated as of March 17, 2016, by and between AVEO Pharmaceuticals, Inc. (the “Company”) and CANbridge (the “Agreement”) pertaining to the development, manufacture and commercialization of the Company’s potent humanized IgG1 monoclonal antibody that targets ErbB3 (also known as HER3) (“AV-203”).
Pursuant to the terms of the Agreement, CANbridge received exclusive rights in all countries outside of North America to develop, manufacture and commercialize AV-203 for the diagnosis, treatment and prevention of disease, subject to the Company’s specified development and commercial rights. The Company was eligible for potential additional development, regulatory and commercial milestone payments on AV-203 and other potential products arising from research under the collaboration, together with royalties.
The termination is effective as of September 5, 2021. Pursuant to the terms of the Agreement, the Company expects the transfer of the AV-203 program to be complete by the effective date and, at that time, the Company expects to regain rights to the AV-203 program outside of North America.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which was previously filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q on May 10, 2016, and is incorporated by reference herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AVEO Pharmaceuticals, Inc.
|Date: March 15, 2021||By:|
President and Chief Executive Officer