LG Chem Life Science Innovation Center, Inc.

BOSTON, Nov. 30, 2023 /PRNewswire/ -- For the second year in a row, AVEO Oncology, an LG Chem company, has earned a spot on the Boston Globe's annual 'Top Places to Work in Massachusetts' list. AVEO Oncology appears in the medium-sized company (100-249 employees) category. "We are incredibly excited to be selected once again as one of Massachusetts' 'Top Places to Work'," said Michael Bailey, President and CEO, AVEO Oncology. "This recognition is particularly gratifying as it occurred after the acquisition of AVEO by LG Chem, a time that can be the most difficult transition for a company. I could not be more proud of the AVEO team for their continued pursuit of the patient-focused mission and vision and I couldn't be more thankful for the LG Chem team for working so hard to ensure a smooth integration of the two companies." In October 2022, LG Chem announced it would acquire AVEO Oncology, and the deal officially closed in January 2023. Together, AVEO and LG Chem have a shared mission and vision to provide innovative solutions to improve cancer patients' lives and to become a global leader in the oncology therapeutics market. Top firms are selected for the Boston Globe's prestigious 'Top Places to Work' list based on anonymous employee surveys about leadership, appreciation, benefits, corporate social responsibility and more. Nearly 100,000 employees participated in the survey from over 380 companies. In addition to a shared mission regarding oncology drug development, AVEO and LG Chem share a culture of community service. At an all-employee meeting earlier this year, employees from both companies assembled and packed emergency kits to benefit southwest Florida residents affected by Hurricane Ian. AVEO is also passionate about giving back to the local community and is proud to have been the top corporate fundraiser for The Jimmy Fund and the Boston Red Sox's "Strike Out Cancer" initiative for the last two years. This fundraiser supports patient care and revolutionary cancer research at Dana Farber Cancer Institute -- causes that resonate closely with AVEO's mission. Other company core values include "most respectful interpretation" which fosters honest and collaborative communication, a sense of thoughtful urgency, integrity, goal orientation, and encouraging an engaging work environment. The personification of these core principles enhances AVEO's vibrant, unified and purpose-driven corporate culture, which has been further validated by the Boston Globe's 'Top Places to Work' recognition for a second year in a row. "In my years with AVEO Oncology I have been privileged to participate in a common mission to help improve the lives of cancer patients and their families," said Katie McCarthy, Sr. Manager, Marketing, AVEO Oncology. "And, while our mission is extremely serious, we find time to have fun." In the wake of the global pandemic, coupled with an integration, the needs of AVEO's employees have changed. "We recognize this and have worked hard to provide flexibility, improved benefits, and an even greater sense of purpose," said Deb Wall, Director, Human Resources, AVEO Oncology. "It's more than just managing remote versus in-office or hybrid working conditions – we understand that our employees need more – more flexibility, more support, and a direct connection to our patients and our mission. These elements unquestionably make AVEO a top place to work." About AVEO Pharmaceuticals, Inc. AVEO is an oncology-focused biopharmaceutical company committed to delivering medicines that provide a better life for patients with cancer. AVEO currently markets FOTIVDA® (tivozanib) in the U.S. for the treatment of adult patients with relapsed or refractory renal cell carcinoma (RCC) following two or more prior systemic therapies. AVEO continues to develop FOTIVDA in immuno-oncology and other novel targeted combinations in RCC and other indications, and has other investigational programs in clinical development. AVEO became a wholly owned subsidiary of LG Chem Life Sciences Innovation Center, Inc. on January 19, 2023. AVEO continues to operate under the AVEO Oncology, an LG Chem company, name. Contacts Media: John F. Kouten JFK Communications, Inc. [email protected] (609) 241-7352 SOURCE AVEO, an LG Chem company

'Let us together make the leap to build a leading oncology company that continues to provide innovative solutions to improve the lives of cancer patients around the world.' CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVEO Oncology, a Boston-based oncology company acquired by LG Chem for USD 571 million, has laid out a blueprint to become a global top 20 oncology-focused biopharmaceutical company within five years. With LG Chem’s full support, 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. LG Chem executives attended AVEO Oncology’s annual all company meeting in Florida on February 28 to communicate face-to-face with approximately 130 AVEO employees. CEO Shin, in his first trip to the U.S. since the completion of the AVEO Oncology acquisition, was accompanied by 20 executives and employees of LG Chem including: Dr. Son Jeewoong, president of LG Chem Life Sciences. AVEO Oncology’s annual all company meeting is a company-wide program that brings together all employees to share the previous year’s performance and the company’s business strategy, followed by sales team workshops. This year’s event was held at Luminary Hotel & Co. in Fort Myers, Florida from February 27- March 2. The LG Chem representatives, all in navy blue hoodies sporting the new “AVEO Oncology, an LG Chem company” logo, were greeted with warm cheers and applause as they were introduced on the stage. Mr. Shin, Dr. Son and AVEO president and CEO Michael P. Bailey spoke to the crowd, focusing on mid- and long-term strategies and building consensus around the companies’ integrated vision. Mr. Bailey opened the session with the combined companies’ vision and strategy to become a top 20 player in the global oncology market by 2028. Maintaining the agile decision-making structure of AVEO Oncology, 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. “We are fully prepared to lead AVEO's growth to the next level," said CEO Shin. "Let us together make the leap to build a leading oncology company that continues to provide innovative solutions to improve the lives of cancer patients around the world.” Mr. Shin then announced the largest-ever R&D investment plan in the Korean pharmaceutical and biotech industries in the form of more than USD 300 million investment in the integrated Life Sciences-AVEO operation. Starting from this year, LG Chem will invest more than USD 1.5 billion toward R&D in the Life Sciences division over the next five years. Dr. Son followed with the announcement of a plan to enhance the competitiveness of AVEO’s new drug pipeline in the U.S. oncology market. The 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. As a testament to its commitment to growing its biopharma capabilities, LG Chem has been pursuing M&As in pharmaceutical and biotech companies since 2019. To minimize the time and effort required to launch a new drug in the U.S. oncology market, LG Chem decided to acquire an existing company with an established commercial platform. After reviewing hundreds of companies with relevant commercialization capabilities and experience in the U.S., LG Chem shortlisted a few candidates. AVEO Oncology, which had just launched a new drug and was on the verge of breaking out, was the top candidate. Since early 2022, LG Chem’s business development team set up operations in Boston, Massachusetts to facilitate better communication with AVEO. LG Chem worked to convince AVEO management of a sustainable growth roadmap based on stable internal investment and discussions picked up speed in the second half of the year. The two companies continued to meet back and forth between the U.S. and Korea and in October, the deal was announced. 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.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- LG Chem recently announced the enrollment of first subject in Phase 1 clinical trial of LG203003, LG Chem’s second NASH (non-alcoholic steatohepatitis) drug in development. LG203003 received clearance from the U.S. Food and Drug Administration (FDA) in March 2022 for the Company’s Investigational New Drug (IND) application to conduct Phase 1 clinical trial in 88 subjects including healthy adults and patients with non-alcoholic fatty liver disease (NAFLD). First subject was dosed on July 6, 2022, and the trial will evaluate the safety, tolerability, as well as the pharmacokinetics (PK) and pharmacodynamics (PD) of LG203003. NASH is the most advanced form of NAFLD (inflammation of liver caused by the build-up of extra fat in liver cells that is not caused by alcohol consumption), and it is a chronic, progressive disease characterized by fatty liver, liver cell injury and fibrosis. NASH is the major cause of liver cirrhosis, liver transplantation, and HCC (hepatocellular carcinoma) in western countries. LG203003 is the second NASH compound in LG Chem Life Sciences' pipeline, and it is formulated to suppress the accumulation of fat in liver cells by selectively impeding the activation of DGAT2 (diacylglycerol O-acyltransferase 2), a triglyceride synthetase, thus reducing liver cell damage. In various pre-clinical models, LG203003 showed to significantly decrease triglyceride, inflammation, and fibrosis in liver. NASH prevalence in the U.S. is projected to increase by 63 percent between 2015 and 2030¹, and it is forecasted to become the major indication for liver transplantation between 2020 and 2025². Currently, there are no FDA-approved NASH treatments in the market, and according to GlobalData, global NASH market is estimated to reach at a market value of $27.2 billion by 2029. Dr. Peter Hong, President of LG Chem Life Sciences Innovation Center, stated, “NASH is a very challenging disease marked by complex pathophysiology, so we are excited to have 2 assets in the clinic: VAP1 inhibitor LG303174 and DGAT2 inhibitor LG203003. We are committed to addressing the challenges through bringing multiple treatment options to patients with NASH.” 1 Estes C, Razavi H, Loomba R, et al. Modeling the epidemic of nonalcoholic fatty liver disease demonstrates an exponential increase in burden of disease. Hepatology. 2018;67(1):123-133. 2 Wong RJ, Aguilar M, Cheung R, et al. Nonalcoholic steatohepatitis is the second leading etiology of liver disease among adults awaiting liver transplantation in the United States. Gastroenterology. 2015;148:547-555. About LG Chem Life Sciences LG Chem Life Sciences is a business division within LG Chem, engaged in development, manufacturing, and global commercialization of pharmaceutical products. LG Chem Life Sciences seeks to expand and make global presence by focusing on key core therapeutic areas of Immunology, Oncology, and Metabolic Diseases (specifically, diabetes and related metabolic diseases). To achieve such, its strategy is to actively pursue global collaboration encompassing from asset-centric to strategic investment and collaboration.