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LG Chem Ltd. has finally completed completes acquisition of AVEO Pharmaceuticals inc., and this was announced last week. The South Korean chemical firm is aiming to become one of the top 30 pharma companies in the world, and the acquisition is the first step to achieving the goal.
LG Chem invested around $571 million in its LG Chem Life Science Innovation Center in the United States for the takeover of the US-based firm. As per Yonhap News Agency, the deal was first announced in October 2022, and the following December, the U.S. antitrust watchdog handed its approval for the deal to go ahead.
AVEO Pharma’s board of directors proceeded to accept LG Chem's offer in the second week of January. Thus, the transaction was completed. With the completion, the American pharma firm is now listed as a second-tier subsidiary of LG Chem.
AVEO Pharmaceuticals was founded in 2002 and was listed on Nasdaq in 2010. Its sales reached KRW130 billion or about $105 million last year, and this year, it was predicted to earn KRW210 billion.
LG Chem revealed that since the company is already one of its affiliates, it will be transferring its anti-cancer drug business to AVEO. This is also a strategic move on LG Chem’s part as it is also aiming to boost its production in the U.S. Moreover, the Korean firm will be investing KRW2 trillion in the research and development (R&D) bio business by 2027 and will release at least four new drugs in markets overseas.
“The merger extends LG Chem Life Sciences’ commercial footprint to the U.S., diversifies our pipeline and advances our combined capabilities with AVEO, accelerating our ability to develop, commercialize and acquire world-class cancer therapies,” LG Chem Life Sciences president, Dr. Son Jeewoong, said in a press release. “We look forward to working closely with AVEO’s experienced and talented team as we welcome them to the LG Chem family.”
AVEO’s president and chief executive officer, Michael Bailey, added, “This transaction delivered significant value to our shareholders and AVEO is now positioned to benefit from the support and resources of LG Chem as we advance our mission of improving the lives of patients with cancer.”
