LG Chem will invest KRW 800 billion to acquire a US bio-company. With the acquisition, the company will also be securing an anticancer drug that is being sold in the US.

On the 18th, LG Chem announced that it would acquire AVEO Pharmaceuticals for $566 million (approx. KRW 800 billion). LG Chem will be acquiring a 100% stake in AVEO Pharmaceuticals, a company known for its FDA-approved renal cell carcinoma treatment ‘Fotivda.’ This will be the first time a Korean company acquires a company that owns an FDA-approved new drug.

AVEO Pharmaceuticals was established in Boston, MA in 2002. It owns full capabilities ranging from clinical development, approval, sales, and marketing in the onc