Bio-company ‘Aveo’ acquired by LG Chem, ‘competitiveness’ in anticancer drugs : Dong-A Science

The biotechnology industry is paying attention to the competitiveness of Aveo Pharmaceuticals, an American bio company acquired by LG Chem with a large investment. This is the first time a Korean company has acquired a company with a new drug approved by the US Food and Drug Administration (FDA).

LG Chem announced on the 18th that it had acquired Aveo Pharmaceuticals for about 800 billion won. Shin Hak-cheol, Vice Chairman of LG Chem, emphasized that this is the “most important milestone in the history of LG Chem’s bio-business for over 40 years” and explained the background of the acquisition, saying, “We will accelerate our leap. forward as an innovative global pharmaceutical company by further enhancing our capabilities for US clinical trials and approvals focused on oncology.”

Aveo was founded in 2002 in Boston, Massachusetts, USA. It was listed on the Nasdaq in 2010 and received FDA approval for FOTIVDA, a renal cell cancer (renal cancer) treatment targeting kidney cancer in 2021.

Potivda is an anti-cancer drug classified as a next-generation oral vascular growth factor (VEGF) tyrosine kinase inhibitor (TKI). It is designed in such a way that it targets and strongly inhibits three VEGFs and then reduces them. Vascular endothelial cells play a regulatory role in maintaining vascular homeostasis, such as vasodilation and constriction. Dysfunction can cause damage to the arterial wall. Potivda helps these vascular endothelial cells to work properly.

Previously, in phase 3 clinical trials targeting 350 patients with kidney cancer, the disease stopped progressing and they survived for 5 years. The progression-free survival rate was confirmed to be five times longer than that of Nexavar, a renal cell cancer treatment that was compared. Expectations continued that it would change the game of the kidney cancer treatment market by showing better effects than existing treatments.

According to Aveo, Fortivda posted about 50 billion won in sales last year when it was approved by the FDA. This year’s sales are expected to exceed 150 billion won. The company expects positive sales to continue to grow. It is currently used as a third-line treatment for kidney cancer, but the company explains that it will be given higher priority as a second-line treatment in the future.

Aveo is also developing three new drug candidates, including ‘piclatuzumab’, which is aimed at the front-line treatment for head and neck cancer.

LG Chem currently has a total of 20 new drug pipelines in development (pre-clinical and clinical), including nine anticancer pipelines including the treatment of solid cancer cells, gout, non-alcoholic steatohepatitis (NASH), and obesity treatment.

LG Chem, which announced that it would strengthen its ability to enter the US bio market by acquiring Aveo, is also accelerating the development of new drugs. It has a total of 20 new drugs in development, including nine anticancer drugs, including solid cancer cell therapy, and treatments for gout, non-alcoholic steatohepatitis (NASH), and obesity.