On Jan 17, Aveo Oncology's LG Chem Received Written Notice From Committee On Foreign Investment In The U.S. That There Were No Unresolved National Security Concerns Regarding Transaction; All Required Regulatory Approvals To Complete Merger Have Now Been Received

Author: Benzinga Newsdesk | January 18, 2023 08:53am

As previously disclosed, on October 18, 2022, AVEO Pharmaceuticals, Inc., a Delaware corporation (“AVEO”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with LG Chem, Ltd., a corporation organized and existing under the laws of the Republic of Korea (“LG Chem”), and Acacia Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of LG Chem (“Merger Sub”), pursuant to and subject to the terms and conditions of which Merger Sub will be merged with and into AVEO, with AVEO surviving the merger as an indirect wholly owned subsidiary of LG Chem (the “Merger”).

Also as previously disclosed, on December 1, 2022, each of AVEO and LG Chem received a notice from the Committee on Foreign Investment in the United States (“CFIUS”) indicating that the joint voluntary notice submitted by AVEO and LG Chem on November 25, 2022 had been accepted for review, with December 1, 2022 constituting the first day of the 45-day initial review period, which would expire on January 17, 2023.

On January 17, 2023, the parties received written notice from CFIUS that it had determined that there were no unresolved national security concerns regarding the transaction and that it had concluded action under Section 721 of the Defense Production Act of 1950, as amended, thereby clearing the transaction contemplated by the Merger Agreement.

All required regulatory approvals to complete the Merger have now been received. The closing of the Merger is expected to occur on January 19, 2023, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the Merger Agreement that by their nature are to be satisfied at the closing of the Merger.

Posted In: AVEO