AVEO - AVEO STOCK NEWS

AVEO Oncology appoints Dr. Edgar E. Braendle as Chief Medical Officer and forms Scientific Advisory Committee with renowned experts in oncology research.

AVEO Oncology, an LG Chem company, announced the publication of a post-hoc analysis of long-term progression-free survival, overall survival, and safety data from the Phase 3 TIVO-3 trial evaluating FOTIVDA in patients with relapsed or refractory advanced renal cell carcinoma. The analysis showed a consistent safety profile and long-term survival benefit in patients, indicating a durable clinical benefit and safety across age groups regardless of prior treatment. TIVO-3 compared the efficacy and safety of FOTIVDA and sorafenib in patients with advanced RCC, with FOTIVDA demonstrating higher long-term progression-free survival rates and overall survival benefit compared to sorafenib. The study showed lower treatment-related adverse events and dose modification rates with FOTIVDA, highlighting its potential as a safe and effective therapy for patients with refractory RCC.

AVEO Oncology, an LG Chem company, has announced the enrollment of the first patient in the FIERCE-HN trial, a phase 3 clinical trial evaluating ficlatuzumab in combination with ERBITUX for the treatment of HPV-negative recurrent or metastatic head and neck squamous cell carcinoma. The trial follows FDA Fast Track Designation and aims to improve survival outcomes in an underserved patient population.

AVEO Oncology has been acquired by LG Chem in an all-cash transaction valued at $571M. This strategic move is set to fortify LG Chem's position in the oncology sector, leveraging AVEO's expertise in clinical development and commercialization in the U.S. market. Following the acquisition, AVEO will continue to operate under its name, while enhancing its pipeline of anti-cancer drugs. Leadership will remain intact, with notable additions like Dr. Martin Birkhofer as Chief Medical Officer. This merger aims to accelerate the development and commercialization of innovative cancer therapies, reflecting a significant advancement for both companies in the pharmaceutical landscape.

AVEO Oncology (Nasdaq: AVEO) announced that its stockholders have approved the merger agreement with LG Chem, which entails a cash payment of $15.00 per share upon the transaction's closing. This move is seen as critical for AVEO's positioning within LG Chem's oncology segment. Following this approval, completion of the merger is pending certain customary closing conditions, including regulatory clearance. The transaction is expected to finalize in early 2023, strengthening AVEO's commitment to advancing cancer treatment.

AVEO Oncology is urging stockholders to vote “FOR” the merger agreement with LG Chem, scheduled for January 5, 2023. The merger consideration offers $15.00 per share, equating to a 43% premium based on closing prices from October 17, 2022. The recommendation comes from leading proxy advisory firms ISS and Glass Lewis, supporting the Board's unanimous stance. Stockholders can vote through a dedicated hotline or online before the meeting. AVEO is focused on delivering oncology treatments and has ongoing clinical developments.

AVEO Oncology reported Q3 2022 revenue of $30.4 million, a significant increase from $15.2 million in Q3 2021, driven mainly by FOTIVDA® sales. The company entered a definitive agreement for acquisition by LG Chem at $15.00 per share, valuing AVEO at $566 million on a fully diluted basis. Cash reserves stood at $77.4 million as of September 30, 2022. Despite a net loss of $3.3 million for the quarter, this is an improvement from a $10.4 million loss in the same period last year. The transaction is anticipated to close in early 2023, terminating AVEO's Nasdaq listing.

LG Chem will acquire AVEO for $15.00 per share, indicating a 43% premium over AVEO's closing price on October 17, 2022. The deal, valued at $566 million, aims to strengthen LG Chem’s oncology footprint in the U.S. while enhancing AVEO's capabilities to deliver cancer therapies. The acquisition aligns with both companies' goals to expand their oncology portfolios and improve patient outcomes. AVEO's lead product, FOTIVDA®, will be pivotal in establishing LG Chem’s commercial presence in the U.S. The transaction is expected to close in early 2023, pending shareholder and regulatory approvals.

AVEO Oncology announced that the U.S. Patent and Trademark Office has allowed U.S. Patent Application No. 17/720,619, focused on the use of Tivozanib in treating refractory cancer. This patent could provide protection for FOTIVDA until 2039, bolstering its commercial potential following its FDA approval in March 2021 for advanced renal cell carcinoma (RCC). While a Notice of Allowance indicates a likelihood of patent issuance, it is not guaranteed. CEO Michael Bailey emphasized the importance of this patent in preventing generic competition, which aligns with AVEO's life cycle management strategy.