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The Boston Globe

Business

Aveo reeling after FDA’s rejection of kidney cancer drug

It took Aveo Pharmaceuticals Inc. seven years to develop a much anticipated kidney cancer drug. Federal regulators needed only about four hours to crush the company’s hopes.

The Cambridge biotech’s executives were brimming with confidence when they arrived for a Food and Drug Administration advisory committee meeting May 2 in Silver Spring, Md. The panel was expected to recommend that the drug — known as tivozanib — be approved for sale. Instead, Aveo’s leaders endured a gut-wrenching morning, starting with the first speaker.

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