FDA Balks At Renal Cancer Drug From Aveo, Astellas

Law360, New York (June 10, 2013, 7:46 PM EDT) -- Aveo Pharmaceuticals Inc. on Monday confirmed that the U.S. Food and Drug Administration has refused to approve kidney cancer medicine tivozanib, a failure that follows the termination of more than half the company’s workforce and badly damages a partnership with Astellas Pharma Inc.

The development was expected after an FDA panel last month voted almost unanimously to deny approval, and underscores the precarious financial condition for a company that lacks any approved products and whose shares have entered a tailspin.

According to Aveo, the FDA in...
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