By Stephen Nakrosis

Shares of AVEO Pharmaceuticals Inc. touched a 52-week high on Tuesday, following news that LG Chem Ltd. agreed to acquire the company for $15 a share in an all-cash transaction.

The acquisition deal has an implied equity value of $566 million, the companies said.

At 2:39 p.m. ET, shares of AVEO were trading up 41.6% at a 52-week high of $14.84. Volume at the time topped 20.1 million shares, above the stock's 65-day average volume of 336,369 shares.

The deal is expected to close early next year.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 18, 2022 15:00 ET (19:00 GMT)

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