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Business deals

LG Chem expands pharma push with $566m deal for U.S. drugmaker

Aveo's kidney cancer treatment poised for sales growth

LG Chem is ramping up research in the growing biopharmaceutical field. (Photo courtesy of LG Chem)

SEOUL -- South Korea's LG Chem will buy Aveo Pharmaceuticals in a deal valued at $566 million, tapping the oncology-focused American drugmaker to expand its foothold in the growing biopharmaceutical market.

LG Chem will pay $15 a share for all of Aveo's outstanding stock, according to an announcement this week. The transaction is expected to close in early 2023, once it is greenlighted by shareholders.

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