Feb 14 (Reuters) - Aveo Oncology and Astellas Pharma Inc said they would end an agreement to develop Aveo's lead experimental drug and said they would discontinue a mid-stage study testing its use in colon cancer.

Aveo said in January it would end a mid-stage trial testing the drug, Tivozanib, as a treatment for breast cancer due to insufficient enrolments.

The drug has already been rejected as a treatment for kidney cancer in June because of inconsistent study results.

The termination of the collaboration will be effective Aug. 11, after which the drug's rights will be returned to Aveo, the companies said on Friday.