AVEO and Astellas to End Worldwide Collaboration & License Agreement for Development and Commercialization of Tivozanib

  AVEO and Astellas to End Worldwide Collaboration & License Agreement for
  Development and Commercialization of Tivozanib

                 Phase 2 Colorectal Cancer Study Discontinued

 AVEO to Outline Corporate Strategy During 2013 Financial Results Conference
                            Call on March 13, 2014

Business Wire

CAMBRIDGE, Mass. & TOKYO -- February 14, 2014

AVEO Oncology (NASDAQ: AVEO) and Astellas Pharma Inc. (TSE: 4503) today
announced the companies will end their worldwide collaboration and license
agreement for the development and commercialization of investigational agent
tivozanib. Tivozanib is an investigational tyrosine kinase inhibitor of all
three vascular endothelial growth factor (VEGF) receptors. Astellas has
exercised its right to terminate the agreement signed in 2011 for strategic
reasons, based on the clinical status of the three indications studied.
Additionally, the companies agreed to discontinue the ongoing Phase 2 BATON
(Biomarker Assessment of Tivozanib in ONcology) study in patients with
colorectal cancer (CRC). The termination of the collaboration will be
effective August 11, 2014 at which time tivozanib rights will be returned to
AVEO. In accordance with the collaboration and license agreement, committed
development expenses will be shared equally.

“We would like to thank Astellas for its commitment to tivozanib and our
partnership over the past three years,” said Tuan Ha-Ngoc, President and Chief
Executive Officer of AVEO. “Given today’s announcements, we are re-aligning
our resources behind key development opportunities to bring clinically
meaningful treatments to patients and create shareholder value. We look
forward to outlining our corporate strategy when we report our fourth quarter
and full year 2013 results.”

“While our decision is based on strategic reasons, Astellas is proud of our
partnership and work with AVEO,” said Yoshihiko Hatanaka, President and CEO of
Astellas. “Weremain committed to the field of Oncology to help meet the unmet
needs of cancer patients.”

About Astellas

Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical company
dedicated to improving the health of people around the world through the
provision of innovative and reliable pharmaceuticals. Astellas has
approximately 17,000 employees worldwide. The organization is committed to
becoming a global category leader in Urology, Immunology (including
Transplantation) and Infectious Diseases, Oncology, Neuroscience and DM
Complications and Kidney Diseases. For more information on Astellas Pharma
Inc., please visit the company website at www.astellas.com/en.

About AVEO

AVEO Oncology (NASDAQ: AVEO) is a cancer therapeutics company committed to
discovering and developing targeted therapies designed to provide substantial
impact in patients’ lives by addressing unmet medical needs. AVEO’s
proprietary Human Response Platform^TM provides the company unique insights
into cancer biology and is being leveraged in the discovery and clinical
development of its cancer therapeutics. For more information, please visit the
company’s website at www.aveooncology.com.

Forward-Looking Statements

Private Securities Litigation Reform Act of 1995 that involve substantial
risks and uncertainties. All statements, other than statements of historical
facts, contained in this press release are forward-looking statements. The
words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,”
“target,” “potential,” “could,” “should,” “seek,” or the negative of these
terms or other similar expressions, are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among others,
statements about AVEO’s plans to re-align its resources to bring meaningful
treatments to patients and to create shareholder value. Actual results or
events could differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements that AVEO makes due to a number of
important factors, including risks relating to: AVEO’s ability to execute on
its business plan and re-align its resources behind key development
opportunities; AVEO’s ability to successfully enroll and complete clinical
trials and preclinical studies of its product candidates; AVEO’s ability to
demonstrate to the satisfaction of the FDA, or equivalent foreign regulatory
agencies, the safety, efficacy and clinically meaningful benefit of its
product candidates; AVEO’s ability to achieve and maintain compliance with all
regulatory requirements applicable to its product candidates; AVEO’s ability
to obtain and maintain adequate protection for intellectual property rights
relating to its product candidates and technologies; developments and expenses
related to AVEO’s ongoing shareholder litigation and SEC inquiry; AVEO’s
ability to raise the substantial additional funds required to achieve its
goals; adverse general economic and industry conditions; competitive factors;
AVEO’s ability to maintain its strategic partnerships and relationships; and
those risks discussed in the section titled “Risk Factors” included in AVEO’s
most recent Quarterly Report on Form 10-Q and in its other filings with the
SEC. The forward-looking statements in this press release represent AVEO’s
views as of the date of this press release. AVEO anticipates that subsequent
events and developments will cause its views to change. However, while AVEO
may elect to update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so. You should,
therefore, not rely on these forward-looking statements as representing AVEO’s
views as of any date subsequent to the date of this press release.

Photos/Multimedia Gallery Available:



AVEO Oncology
Investor Relations
Pure Communications
Dan Budwick, 973-271-6085
Astellas Contact:
Corporate Communications
TEL: +81-3-3244-3201, FAX: +81-3-5201-7473
Jenny Kite, 224-205-5405
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