LG Chem to acquire Aveo Oncology and with it Fotivda.
LG Chem, Ltd. and Aveo Oncology a commercial stage, oncology-focused biopharmaceutical company committed to delivering medicines that provide a better life for patients with cancer, announced that they have entered into a definitive agreement under which LG Chem will acquire Aveo for $15.00 per share in an all-cash transaction with an implied equity value of $566 million on a fully diluted basis
The combination of LG Chem’s Life Sciences division and Aveo is expected to create a global oncology organization with a robust portfolio of innovative products supported by full capabilities from discovery to clinical, biologics manufacturing and U.S. commercialization, at a scale capable of broadly delivering on its mission to improve the lives of patients with cancer. Bringing together Aveo and LG Chem is expected to extend LG Chem Life Sciences’ commercial footprint to the U.S., diversify its pipeline with a broad range of oncology therapies and accelerate LG Chem’s efforts to deliver continued growth through the development and commercialization of world-class cancer therapies. Through this transaction, Aveo will immediately establish LG Chem’s commercial presence in oncology through Aveo’s lead product, Fotivda (tivozanib), which received FDA approval in March 2021 for the treatment of adult patients with relapsed or refractory advanced renal cell carcinoma (RCC) following two or more prior systemic therapies.
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