LG Chem to Acquire AVEO Pharmaceuticals for $566 Million

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 [e-mail]

(END) Dow Jones Newswires

10-18-22 0550ET