Summary of AVEO PHARMACEUTICALS INC

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On December 18, 2012, Ronald A. DePinho, M.D., a member of the Board of Directors (the "Board") of AVEO Pharmaceuticals, Inc. (the "Company") informed the Company that he will retire from the Board, effective as of December 31, 2012.

(d) On December 18, 2012, the Board, based on the recommendation of the nominating and governance committee of the Board, elected Robert S. Epstein, M.D., M.S. to the Board, effective as of December 18, 2012. Dr. Epstein was elected to serve until the 2013 Annual Meeting of Stockholders and thereafter until his successor is duly elected and qualified.

In connection with Dr. Epstein's appointment to the Board, he was granted an option, pursuant to the Company's 2010 Stock Incentive Plan, to purchase 30,000 shares of the Company's common stock at an exercise price equal to $7.05, the closing sale price of the common stock on the NASDAQ Global Select Market on the date of grant. Such option vests and becomes exercisable, subject to his continued service as a director, in 12 equal monthly installments commencing on the first day of the month following the date of grant. The option has a term of 10 years, provided that the vested portion of the option must be exercised within three months following his cessation of Board service. Pursuant to the Company's director compensation policy, Dr. Epstein will also receive an annual retainer of $30,000 for serving on the Board and $1,750 for each meeting of the Board that he attends in person. He will also be compensated for his service on any committees of the Board. The Board has not yet determined whether Dr. Epstein will be named to any committees of the Board.

There is no arrangement or understanding between Dr. Epstein and any other person pursuant to which Dr. Epstein was selected as a director. Dr. Epstein is not a participant in any transaction involving the Company, and is not and has not been, since January 1, 2011, a participant in any proposed transaction with the Company required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The full text of the press release issued in connection with the announcement of Dr. Epstein's election to the Board is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference as though fully set forth herein.