SEOUL– LG Chem Ltd., a major South Korean chemicals firm, said Tuesday it plans to take over AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, for US$566 million.
In a regulatory filing, LG Chem said it will invest the amount in its U.S. affiliate, LG Chem Life Science Innovation Center, which will set up a special purpose company for the takeover.
The takeover deal will be completed between three and six months, LG Chem said, adding the deal will help LG Chem make inroads into the U.S. anti-cancer market
In 2021, AVEO Pharmaceuticals, listed on the Nasdaq in 2010, won FDA approval for FOTIVDA for the treatment of adult patients with relapsed or refractory advanced renal cell carcinoma.
Source: Yonhap News Agency