AVEO - AVEO Oncology shares jumped on acqusition by LG Chem for $15.00 per share in cash
- LG Chem ( OTCPK:LGCLF ) will acquire AVEO for $15.00 per share in an all-cash transaction with an implied equity value of $566M on a fully diluted basis.
- Upon completion of the transaction, AVEO will operate as the U.S. commercial foundation for LG Chem Life Sciences’ oncology segment and 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.
- The transaction price represents a 43% premium to AVEO’s closing share price on October 17, 2022, as well as a 71% premium to its 30 trading day volume-weighted average price.
- The transaction is expected to close in early 2023.
- LG Chem expects to finance the transaction with existing and available cash resources.
- AVEO expects to report Q3 results on Monday, November 7, 2022 but will not conduct an earnings conference call or provide financial guidance.
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AVEO Oncology shares jumped on acqusition by LG Chem for $15.00 per share in cash