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Summit Expands Rights for Akeso’s PD-1/VEGF Bispecific in $70 Million Agreement

publication date: Jun 3, 2024

Summit Therapeutics of Miami expanded its rights to Akeso’s ivonescimab, adding the countries in Central and South America plus the Middle East and Africa. Summit signed a $70 million agreement for the expanded rights. Last week, Akeso said ivonescimab, a bispecific PD-1/VEGF antibody, showed better results than Keytruda in a Phase III trial that enrolled patients with NSCLC. As part of today’s announcement, Summit also reported it raised an unsolicited $200 million in a private placement. In 2023, Summit acquired US/EU/Japan rights to ivonescimab for $500 million upfront and $4.5 billion in milestones. More details....

Stock Symbols: (NSDQ: SMMT) (HK: 9926)

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