Summit To Receive Rights To Develop, Commercialize Ivonescimab In The U.S., Canada, Europe, Japan

Akeso Inc. announced a collaboration and license agreement with Summit Therapeutics Inc. (SMMT) to out-license its breakthrough bispecific antibody, ivonescimab, for development and commercialization in the United States, Canada, Europe, and Japan. Akeso will co-brand the product in the License Territories.

Currently, Akeso is conducting a phase III trial of ivonescimab monotherapy versus pembrolizumab monotherapy as the first-line treatment for NSCLC patients with positive PD-L1 expression.

Akeso will receive $500 million upfront payment and the total potential deal value is up to $5 billion including regulatory and commercial milestone payments. Akeso will also receive low double-digit percentage of royalties on net product sales of ivonescimab. Michelle Xia will be appointed as one member of the board of Summit.

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