Market News

AVEO Soars on LG Chem Deal

AVEO Pharmaceuticals (NASDAQ:AVEO) shares are skyrocketing in the pre-market session today after LG Chem agreed to acquire the company in an all-cash at $15 per share.

The move sets up a commercial presence for LG Chem’s Life Sciences division in the U.S. The transaction implies a fully diluted equity value of $566 million and is expected to close early next year.

AVEO shares have already almost doubled year-to-date.

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