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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.

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