Astellas buys cancer drug rights

Japan’s Astellas Pharma has said it has agreed to pay $125m (£77.3m) in cash to Aveo Pharmaceuticals for worldwide rights outside of Asia to the drug tivozanib, which is in late stage clinical development for advanced kidney cancer. Aveo would also be eligible to receive up to an additional $1.3bn in future payments based on regulatory and sales milestones, the companies said. Some $90m of that would be due for filing for and receiving marketing approval for tivozanib in kidney cancer, meaning that could be realised in the fairly near term.