- The acquisition gives LG Chem’s Life Sciences Division a commercial presence in the US, diversifies its pipeline into a broad range of oncology therapies and accelerates LG Chem’s efforts to achieve continued growth
- AVEO will be better able to fulfill its mission of improving the lives of cancer patients
- AVEO will establish and operate the US commercial foundation for the oncology segment of LG Chem Life Sciences
- The transaction price represents a premium of 43% to AVEO’s closing price on October 17, 2022
SEOUL, South Korea and CAMBRIDGE, Mass. and BOSTON, Oct. 18, 2022 (GLOBE NEWSWIRE) — LG Chem, Ltd. (“LG Chem”) (KOSPI: 051910) and AVEO Oncology (“AVEO”) AVEOa commercial-stage oncology-focused biopharmaceutical company dedicated to providing medicines that help cancer patients live better lives, announced today that it has entered into a definitive agreement to acquire LG Chem AVEO for $15.00 per share in cash Transaction with an implied equity value of $566 million on a fully diluted basis.
The combination of LG Chem’s Life Sciences business and AVEO is expected to create a global oncology organization with a robust portfolio of innovative products supported by comprehensive capabilities from discovery to clinical, biologic manufacturing and commercialization in the US, and albeit on a scale capable of fulfilling its mission on a broad scale to improve the lives of cancer patients. The combination of AVEO and LG Chem is expected to expand LG Chem Life Sciences’ commercial footprint into the United States, diversify its pipeline into a broad range of oncology therapies, and accelerate LG Chem’s efforts to achieve continued growth through the development and commercialization of world-class cancer therapies.
Through this transaction, AVEO will immediately establish LG Chem’s commercial presence in oncology through AVEO’s flagship product, FOTIVDA® (tivozanib), which received U.S. Food and Drug Administration (FDA) approval in March 2021 for the treatment of…
