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LG Chem-US bio firm takeover

LG Chem to take over U.S. bio firm AVEO Pharmaceuticals for $566 mln

SEOUL, Oct. 18 (Yonhap) -- LG Chem Ltd., a major South Korean chemicals firm, said Tuesday that it plans to take over AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, fir US$566 million.

In a regulatory filing, LG Chem said it will invest the amount in its U.S. affiliate, LG Chem Life Science Innovation Center, which will set up a special purpose company for the takeover.

The takeover deal will be completed between three and six months, LG Chem said.

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