LG’s Aveo acquisition a rare case of a Korean biotech buying a U.S. biotech

With its acquisition of Aveo, Korea’s LG gets the U.S.-based commercialization and regulatory expertise it needs to bring its internal cancer pipeline to the U.S. market — the key to realizing its stated revenue goal of KrW1 trillion ($696 million) from innovative drugs by 2030.

LG Chem Ltd. (KSE:051910) said Oct. 18 that it would pay $15 per share for Aveo Pharmaceuticals Inc. (NASDAQ:AVEO), a 43% premium to Aveo’s closing price prior to the deal’s announcement. The U.S. company’s sole marketed product is Fotivda tivozanib, an oral VEGFR tyrosine kinase inhibitor approved to treat advanced renal cell carcinoma. FDA approved the therapy in March 2021. ...