AVEO shares jump on Astellas pact

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BOSTON (MarketWatch) -- Shares of AVEO Pharmaceuticals jumped 9% in early trading Thursday on news that it and Japanese drug maker Astellas Pharma [jp:4503] are partnering to commercialize AVEO's oncology drug tivozanib for all markets outside of Asia. Tivozanib is currently in Phase III testing for the treatment of kidney cancer. Under the deal, AVEO will receive $125 million up front, plus up to $1.3 billion in potential milestone payments along with certain royalties. Kyowa Hakko Kirin still retains the rights to commercialize the product in Asia.

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