Current Report Filing (8-k)
August 01 2019 - 6:16AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2019
AVEO Pharmaceuticals, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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001-34655
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04-3581650
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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One Broadway, 14th Floor
Cambridge, Massachusetts
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02142
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrants telephone number, including area code:
(617) 588-1960
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (
see
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Common Stock, $0.001 par value
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AVEO
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Nasdaq Capital Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On August 1, 2019 (the Effective Date), AVEO Pharmaceuticals, Inc. (AVEO) entered into an amendment (the Amendment) to
the license agreement dated December 21, 2006 (the KKC Agreement) with Kyowa Kirin Co., Ltd. (formerly Kirin Brewery Co., Ltd.) (KKC). Under the KKC Agreement, KKC granted AVEO an exclusive license to research, develop,
manufacture and commercialize tivozanib in all human diseases and conditions in the territory licensed to AVEO, which covers all territories in the world except for Asia and the Middle East (the AVEO Territory). Pursuant to the
Amendment, KKC repurchased the
non-oncology
rights to tivozanib in the AVEO Territory, excluding the rights AVEO sublicensed to EUSA Pharma (UK) Limited (EUSA) under the license agreement between
AVEO and EUSA dated December 18, 2015.
In consideration for KKCs repurchase of the
non-oncology
rights
to tivozanib in the AVEO Territory, KKC has upfront, milestone and royalty payment obligations to AVEO under the Amendment. The Amendment provides that KKC (a) will make an upfront payment of $25.0 million within thirty (30) days
after the Effective Date, (b) waives a
one-time
milestone payment of $18.0 million otherwise payable by AVEO upon AVEO obtaining marketing approval for tivozanib in the U.S., (c) will make milestone
payments to AVEO of up to an aggregate of $390.7 million upon the successful achievement of certain development and sales milestones of tivozanib in
non-oncology
indications, and (d) will make tiered
royalty payments to AVEO on net sales of tivozanib in
non-oncology
indications in the AVEO Territory, which range from high single digit to low double digits as a percentage of net sales. The royalty rate
escalates within this range based on increasing tivozanib sales, subject to certain adjustments. KKCs royalty payment obligations in a particular country in the AVEO Territory begin on the date of the first commercial sale of tivozanib in that
country, and end on the later of the expiration date of the last valid claim of a patent application or patent owned by KKC covering tivozanib or 10 years after the date of first commercial sale of tivozanib in
non-oncology
indications in that country. If KKC sublicenses any of its
non-oncology
rights to tivozanib to a third party, KKC is required to pay AVEO a percentage of
amounts KKC receives from its sublicensees related to the AVEO Territory, including upfront license fees, milestone payments and royalties, but excluding amounts KKC receives in respect of research and development reimbursement payments or equity
investments, subject to certain limitations.
The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by
the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits
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Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
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SIGNATURES
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.
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AVEO Pharmaceuticals, Inc.
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By:
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/s/ Michael Bailey
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Michael Bailey
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President and Chief Executive Officer
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Date: August 1, 2019
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