AVEO Pharmaceuticals Inc. will receive a $25 million payment from OSI Pharmaceuticals as part of a licensing deal involving genetic
testing technology, the companies said Wednesday.
In July 2009, Cambridge, Mass.-based AVEO signed a deal giving OSI the right
to use its Human Response Platform technology to support clinical development
programs. The system uses genetic technology to better focus potential
treatments in clinical development programs.
OSI has exercised its option to internalize certain elements of the
technology.
Under the agreement, OSI, which is part of Astellas Pharma Inc., paid $12.5
million and will pay an additional $12.5 million when the applicable technology
is transferred, with an expected completion date in July of 2011.
