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Summit Completes $235m Funding for Ivonescimab Trials

publication date: Sep 12, 2024

Miami’s Summit Therapeutics raised $235 million from a combination of company insiders and biopharma investors. Two years ago, the company acquired global (ex-China) rights to ivonescimab, a bispecific PD-1/VEGF candidate, from Guangzhou’s Akeso in a $5 billion deal. It was an expensive acquisition ($500 million upfront), but it was perceptive. Over the weekend, Akeso announced ivonescimab out-performed Merck’s Keytruda in non-small cell lung cancer patients. Summit’s stock price has more than doubled since the announcement, partly because of the trial results and partly due to the $235 million capital raise. Summit now has a market capitalization of $16.5 billion. More details....

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