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AVEO, Centocor announce license agreement
July 2011
SHARING OPTIONS:

CAMBRIDGE, Mass.AVEO Pharmaceuticals Inc. and Centocor Ortho Biotech Inc. have entered into an exclusive license agreement focused on the worldwide development and commercialization of AVEO's internally discovered antibodies, which target the Recepteur d'Origine Nantais (RON) receptor. Per the agreement, AVEO will receive $15 million, with the first half of the sum delivered as an upfront payment from Centocor. Through a different equity private placement and stock purchase agreement, AVEO will receive the second half of the sum through the sale of AVEO common stock shares to Johnson & Johnson Development Corp., a Centocor affiliate. AVEO could also receive up to $540 million in milestone payments if certain development, regulatory and commercialization goals are achieved, and is entitled to a tiered, double-digit royalty on net sales worldwide. Centocor is responsible for clinical development, manufacturing and commercialization costs and will fund certain research conducted by AVEO.


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