AVEO Pharma secures $20 Million in a partnership deal
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AVEO Pharma secures $20 Million in a partnership deal
Bangalore: AVEO Pharmaceuticals has secured $20 million in a partnership deal with OSI Pharmaceuticals. Under the terms of the deal, OSI will pay $5 million to AVEO as an upfront cash payment and the remaining $15 million is for the purchase of equity in AVEO, which is developing molecular targeted therapies around epithelial-mesenchymal transition in cancer and the creation of related database. On the other hand, OSI will receive rights beyond the original collaboration including the rights to additional EMT targets (including up to four antibody targets) and increased access to AVEO technology (that is, tumor models, archives and biomarkers). OSI is also acquiring non-exclusive access to AVEO's proprietary bioinformatics platform. Founded in 2002, AVEO is based in Cambridge, Massachusetts and has now raised more money from partnerships, $150 million, than from its large syndicate of venture investors, which have put in $90 million in equity funding. Commenting on the expansion of collaboration with OSI Pharmaceuticals, Tuan Ha-Ngoc, President and Chief Executive Officer of AVEO Pharmaceuticals said, "This partnership has enabled AVEO to build a sustainable company and to raise funds without diluting the value of our later-stage assets." Currently, the company has around 130 employees.

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