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

October 18, 2022 06:11 ET (10:11 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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