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LG Chem Ltd. announced it set to buy AVEO Pharmaceuticals for $566 million or $15 per share in full cash. The South Korean chemical company headquartered in Seoul is aiming to purchase a 100% stake in the Boston-based company.
With the acquisition, LG Chem will expand its commercial footprint in the US market for a wide range of oncology therapies. The company also revealed on Tuesday, Oct. 18, that it will also use the deal to branch out to other related fields.
According to The Korea Times, AVEO Pharma developed FOTIVDA prescription medicine made for the treatment of relapsed or refractory advanced renal cell carcinoma (RCC). this drug was only approved in March 2021 by the U.S. Food and Drug Administration (FDA).
LG Chem said that this is the first time that a South Korean company is buying a firm that has been granted approval by the FDA for a new type of drug. As it acquires AVEO, the company is planning to invest in LG Chem Life Science Innovation Center so it can establish a special purpose company for the takeover of the US-based pharma firm.
Moreover, the deal will provide LG Chem’s Life Sciences unit with a commercial presence in the United States. This will also speed up the company’s efforts to deliver its continued growth.
The transaction is expected to close in early 2023, and as with any other buyout deals, this is still subject to customary closing conditions. It should be approved by AVEO’s shareholders and go through regulatory processes.
“With its track record of clinical success, deep pipeline of innovative therapies and continued growth trajectory following the successful commercialization of FOTIVDA, AVEO is the perfect partner for LG Chem Life Sciences,” LG Chem’s chief executive officer, Shin Hak Cheol, said in a press release. “This transaction represents the next step in our portfolio transformation towards higher growth markets and provides a strong commercial foundation in oncology as we continue to develop our anti-cancer offerings.
The CEO further said, “We remain focused on prudently investing in our R&D capabilities, continuing to build a leading portfolio of therapies and transforming lives through inspiring science and leading innovation.”
