LG Chem Acquires US Biotech Company 'Aveo' for 813.1 Billion KRW

by Heo Kyungjun

Published 18 Oct.2022 17:51(KST)

[Asia Economy Reporter Heo Kyung-jun] LG Chem announced on the 18th that it will acquire 100% of the shares of the US biotech company Aveo Pharmaceuticals Inc. for $566 million (approximately 813.1 billion KRW) to enter the US anticancer drug market.

Hot Picks Today

"How Much Will They Get?" 600 Million vs. 460 Million vs. 160 Million... Samsung Electronics DS Division's 'Three Wallets Under One Roof'

Opening a Bank Account in Korea Is Too Difficult..."Over 150,000 Won in Notarization Fees Just for a Child's Account and Debit Card" [Foreigner K-Finance Status]②
Samsung Electronics Labor and Management Reach Dramatic Agreement on Eve of Strike After 6 Months; 10.5% of Semiconductor Performance to Be Distributed
Room Prices Soar from 60,000 to 760,000 Won and Sudden Cancellations: "We Won't Even Buy Water in Busan" — BTS Fans Outraged
"Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?

This merger and acquisition will be conducted through a "reverse triangular merger" method, where LG Chem will inject cash into its US subsidiary, LG Chem Life Science Innovation Center, which will establish a special purpose company (SPC) to pay the merger consideration to Aveo shareholders.

한글 기사 보기

This content was produced with the assistance of AI translation services.