You can now read 10 articles each month for free on BostonGlobe.com.

The Boston Globe

Business

Aveo ends bid to get cancer drug OK, will cut 140

Buffeted by setbacks over the past two months, Aveo Pharmaceuticals Inc. said Tuesday it will lay off 140 employees and halt efforts to win approval of its kidney cancer drug.

The move, which slashes Aveo’s workforce by 62 percent, is part of a restructuring by the Cambridge biotechnology company that will formally be unveiled Wednesday morning in a conference call with industry analysts. Under the plan, Aveo intends to refocus its experimental kidney drug, called tivozanib, on treating colorectal and breast cancers.

Loading comments...

You have reached the limit of 10 free articles a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than $1 a week