INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Michael Bailey.
The Price of Business recently sat with Michael Bailey, CEO, AVEO Oncology, an LG Chem Company, (www.aveooncology.com), for an update on their recent acquisition by Korean multinational, LG Chem. AVEO Oncology, a Boston-based oncology company was acquired by LG Chem for $571 million, and has laid out a blueprint to become a global top 20 oncology-focused biopharmaceutical company within five years.
According to recent announcements from the company, AVEO plans to boost its existing oncology business significantly and to become an innovative oncology company that can exert significant influence in the global markets. AVEO plans to expand its oncology portfolio by investing in own clinical development programs and introducing additional FDA-approved oncology drugs or late-stage clinical development programs targeting US market to significantly expand presence in a short period of time.
AVEO’s renal cell carcinoma treatment FOTIVDA® (Tivozanib) has been in the market since 2021, with sales of over USD 100 million in the previous year. Sales are expected to rise to USD 170 million this year and over USD 300 million by 2027, and the growth is expected to further accelerate with the introduction of additional pipelines.
LG Chem leadership acknowledged its plan to enhance the competitiveness of AVEO’s new drug pipeline in the U.S. oncology market. This plan would be to develop AVEO into an innovative pharma company that consistently and continuously introduces new drugs in the broader North American market. Through this strategy, AVEO would have the best chance to take the lead in developing and commercializing new anti-cancer drugs, while LG Chem could further strengthen AVEO’s existing capabilities to grow into a global pharmaceutical company.
Currently, AVEO is conducting clinical development of three new drug candidates: a phase 3 clinical trial to expand the indication of its existing kidney cancer drug FOTIVDA®; a treatment for head and neck cancer; a treatment for cachexia, a nutritional disorder in cancer patients. Promising anti-cancer candidates from LG Chem Life Sciences will be transferred expeditiously to AVEO who will then take charge of late-stage clinical development and commercialization in the U.S. market.
The global oncology market is one of the leading sectors of the pharmaceutical and biotechnology industry and is expected to reach USD 315 billion by 2026, up from USD 190 billion in 2021 at a compound annual growth rate of 10.4%. The U.S. currently accounts for more than 40% of this market.
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