AVEO Oncology, a Cambridge company looking to develop a treatment for advanced kidney cancer, has embarked on a “strategic restructuring” that will cut 45 positions, or 17 percent of the workforce, as well as eliminate 30 open positions.

The reduction, unveiled Tuesday, is part of a program that is expected to save 100 million over the next three years, with $37 million in savings projected in 2013. After the restructuring, AVEO will have about 225 employees.