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news.US-based biopharmaceutical firm AVEO Oncology has entered into a research and exclusive option agreement with Ophthotech for vascular endothelial growth factor (VEGF) tyrosine kinase inhibitor, tivozanib, to treat ocular diseases.
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Ophthotech now has exclusive license to investigate the potential of AVEO’s tivozanib, outside of Asia for the potential treatment of non-oncologic diseases of the eye.
As part of the deal, Ophthotech is obligated to pay AVEO an upfront option fee of $500,000 to investigate tivozanib.
During the option term, if Ophthotech decides to continue development of the ocular formulation of tivozanib after its initial analysis, AVEO is eligible to receive about $8m in milestone payments based upon the achievement of specified research, development and business goals.
AVEO president and chief executive officer Tuan Ha-Ngoc said: "We believe the unique properties of tivozanib make it an ideal VEGF inhibitor for potential ocular use, and we are encouraged by Ophthotech’s interest in exploring this potential.
"This agreement could enable us to realize value for tivozanib in an indication outside of cancer, while retaining oncology rights for further development through additional potential partnerships."
Ophthotech also has the exclusive option, which can be exercised at its sole discretion, to secure additional development and commercialization rights to tivozanib and products containing tivozanib for non-oncologic eye indications in territories outside Asia.
If Ophthotech exercises its option, AVEO will be eligible to receive an option exercise fee of $2m and could also receive clinical and regulatory-based milestone payments of about $50m, sales based milestone payments of about $45m and royalties on product sales.