AVEO Pharmaceuticals Inc (NASDAQ: AVEO) has entered into a collaboration and supply agreement with Bristol-Myers Squibb Co (NYSE: BMY) to evaluate the former's Fotivda (tivozanib) in combination with the latter's Opdivo (nivolumab).

• The Phase 3 TiNivo-2 trial will enroll around 326 patients with advanced relapsed or refractory renal cell carcinoma following prior immunotherapy exposure.
• The study's primary endpoint will assess progression-free survival, with key secondary endpoints to include overall survival, overall response rate and duration of response, and safety.
• Bristol Myers Squibb will supply Opdivo supply for the study. AVEO will serve as the study sponsor and will be responsible for costs associated with the trial execution.
• Yesterday, the company completed a drawdown of $20 million under its previously announced $45 million loan and security agreement with Hercules Capital Inc.
• This second tranche was made available in connection with the recent FDA approval for Fotivda in relapsed or refractory renal cell carcinoma for patients who have received two or more prior systemic therapies.
• Price Action: AVEO shares are up 7.8% at $12.8 in premarket trading on the last check Friday.