By Colin Kellaher


Shares of AVEO Pharmaceuticals Inc. jumped nearly 40% in premarket trading Tuesday after the oncology-focused biopharmaceutical company agreed to be acquired by South Korea's LG Chem Ltd. for about $566 million.

LG Chem said it would pay $15 a share in cash for AVEO, a roughly 43% premium to Monday's closing price of $10.48 for the Boston company.

The deal is slated to close early next year.

AVEO shares were recently changing hands at $14.48, up 38%, in premarket trading.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

10-18-22 0611ET