LG Chem to Acquire AVEO Pharmaceuticals for $566 Million
18 Ottobre 2022 - 12:05PM
Dow Jones News
By Kwanwoo Jun
South Korea's LG Chem Ltd. has decided to acquire U.S. biotech
company AVEO Pharmaceuticals Inc. for $566 million to enter the
U.S. cancer treatment market.
The acquisition deal will be completed by the first quarter of
2023, LG Chem said in a regulatory filing late Tuesday after its
board approved it.
The deal still needs approval from AVEO shareholders and U.S.
regulators for its completion, LG Chem said.
The planned acquisition is the latest in LG Chem's push to
diversify its previously petrochemicals-focused business into
biotech and other industries.
AVEO Pharmaceuticals said it was marketing Fotivda, a
prescription medicine used to treat adults with advanced kidney
cancer, in the U.S.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
October 18, 2022 05:50 ET (09:50 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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