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LG Chem to invest 2 trillion won in biopharmaceuticals business by 2027
2023-01-26
LG Chem will invest 2 trillion won ($1.6 billion) in its biopharmaceuticals business by the end of 2027, aiming to become a major player in the U.S. anticancer market.
The investment plan was announced Thursday, a day before it finalizes the 100 percent acquisition of Nasdaq-listed Aveo Pharmaceuticals for $566 million. The purchase will be handled by LG Chem Life Science Innovation Center, LG Chem's wholly-owned U.S. subsidiary.
Established in 2002 in Boston, Aveo is a pharmaceutical company specializing in cancer treatments. It developed Fotivda, a treatment for kidney cancer, and acquired use approval from the U.S. Food and Drug Administration (FDA) in 2021.
With the latest investment in R&D, LG Chem aims to introduce at least four new drugs targeting cancers and metabolic diseases by the end of 2030 and become one of the world's top 30 biopharmaceutical companies.
Earlier last year, LG Chem announced its goal to log about 2 trillion won in revenue in the biopharmaceutical business alone by 2027.
LG Chem has 20 drugs that are undergoing either preclinical trials or clinical trials. Of them, nine are cancer treatments.
"Through the latest acquisition, LG Chem is now a step closer to realizing our vision, which is to offer humans a better life through science and innovation," said LG Chem CEO Shin Hak-cheol.
"We will focus on fostering Aveo the foothold to lead our anticancer business for the goal of becoming one of the top 30 biopharmaceutical companies by maximizing the synergy effects."
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