Study of Pasireotide Long Acting Release (LAR) in Patients With Metastatic Neuroendocrine Tumors (NETs)

Inclusion Criteria: * Locally unresectable or metastatic carcinoid or pancreatic neuroendocrine tumors * Tumors must be considered well or moderately differentiated (or low to intermediate grade). Patients with poorly differentiated neuroendocrine carcinomas or small cell carcinomas are excluded from the study. * No prior systemic antineoplastic neuroendocrine tumor treatment (including prior somatostatin analogs). However patients who have received a short course of subcutaneous (SQ) octreotide (\<10 days) in the past are eligible if \> 1 week has elapsed from their last octreotide injection. * Minimum of four weeks since any major surgery * Measureable disease by Response Evaluation Criteria in Solid Tumors (RECIST) * Eastern Cooperative Oncology Group (ECOG) performance status ≤1 * Life expectancy 12 weeks or more * Adequate bone marrow function as shown by: absolute neutrophil count (ANC) ≥ 1.0 x 10\^9/L, Platelets ≥ 75 x 10\^9/L, hemoglobin (Hgb) \> 8 g/dL * Adequate liver function as shown by: serum bilirubin ≤ 2.0 x upper limit of normal (ULN), and serum transaminases activity ≤ 2 x ULN, with the exception of serum transaminases (\< 3 x ULN) if the patient has liver metastases * Adequate renal function as shown by serum creatinine ≤ 2.0 x ULN * Fasting serum cholesterol ≤300 mg/dL OR ≤7.75 mmol/L AND fasting triglycerides ≤ 2.5 x ULN. Note: In case one or both of these thresholds are exceeded, the patient can only be included after initiation of appropriate lipid lowering medication. * Women of childbearing potential (WOCBP) must have a negative serum pregnancy test within 14 days of the administration of the first study treatment. Women must not be lactating. Both men and WOCBP must be advised of the importance of using effective birth control measures during the course of the study. * Signed informed consent to participate in the study must be obtained from patients after they have been fully informed of the nature and potential risks by the investigator (or his/her designee) with the aid of written information. Exclusion Criteria: * Uncontrolled brain or leptomeningeal metastases, including patients who continue to require glucocorticoids for brain or leptomeningeal metastases * Patients with prior or concurrent malignancy except for the following: adequately treated basal cell or squamous cell skin cancer, or other adequately treated in situ cancer, or any other cancer from which the patient has been disease free for 5 years * Patients with uncontrolled diabetes mellitus or a fasting plasma glucose \> 1.5 ULN or glycosylated hemoglobin (HbA1c) \>8%. Note: At the principle investigator's discretion, non-eligible patients can be re-screened after adequate medical therapy has been instituted. * Patients with symptomatic cholelithiasis * Patients who have congestive heart failure: New York Heart Association (NYHA) Class III or IV, unstable angina, or a history of acute myocardial infarction within the 6 months preceding enrollment * Patients who have any severe and/or uncontrolled medical conditions or other conditions that could affect their participation in the study such as: * Severely impaired lung function * Any active (acute or chronic) or uncontrolled infection/ disorders * Nonmalignant medical illnesses that are uncontrolled or whose control may be jeopardized by the treatment with the study therapy * Known hypersensitivity to somatostatin analogues or any component of the pasireotide LAR formulation * Corrected QT interval (QTcF) of \>470 msec on screening Electrocardiogram (ECG) * Risk factors for Torsades de Pointes such as cardiac failure, clinically significant/symptomatic bradycardia * Clinically significant hypokalemia or hypomagnesemia that are not correctable * History of sustained ventricular tachycardia, ventricular fibrillation, advanced heart block, or idiopathic syncope thought to be related to ventricular arrhythmia * Concomitant medication(s) known to increase the QT interval * History of noncompliance to medical regimens or unwillingness to comply with the protocol