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Reported Late Thursday, AVEO Oncology Stockholders Approve Acquisition By LG Chem; AVEO Stockholders Will Receive $15.00 Per Share In Cash Upon The Closing Of The Transaction

Benzinga · 01/06/2023 00:40

AVEO Oncology ("AVEO") (NASDAQ:AVEO), a commercial stage, oncology-focused biopharmaceutical company committed to delivering medicines that provide a better life for patients with cancer, announced that at a special meeting of stockholders (the "Special Meeting") held today, AVEO stockholders approved the adoption of the Agreement and Plan of Merger among LG Chem, Ltd. ("LG Chem"), a subsidiary of LG Chem and AVEO (the "merger agreement"). As previously announced, under the terms of the merger agreement, AVEO stockholders will receive $15.00 per share in cash upon the closing of the transaction.

"Today's approval is a significant step toward the completion of AVEO's transaction with LG Chem, and I thank our stockholders for their strong support," said Michael Bailey, President and Chief Executive Officer of AVEO. "As the U.S. late stage development and commercial foundation for LG Chem Life Sciences' oncology segment, we believe AVEO will be well positioned to advance its mission of passionately pursuing a better life for patients with cancer."

The final voting results will be reported in a Current Report on Form 8-K to be filed by AVEO with the Securities and Exchange Commission after certification by AVEO's inspector of elections. The stockholders also approved a non-binding, advisory proposal relating to certain compensation that may be paid or become payable to certain of AVEO's executive officers that is based on or otherwise relates to the merger between AVEO and LG Chem.

Completion of the transaction remains subject to certain customary closing conditions, including clearance of the transaction by the Committee on Foreign Investment in the United States, and the transaction is expected to close in early 2023.