Global Markets
Home›Global Markets›China›AstraZeneca backs Summit Therapeutics in ivonescimab d…
AstraZeneca backs Summit Therapeutics in ivonescimab deal tied to Akeso
The AstraZeneca equity investment is part of a push to develop and commercialize Akeso’s ivonescimab immunotherapy outside China via Summit Therapeutics.
AstraZeneca announced a US$2 billion equity investment in Summit Therapeutics, a Florida-headquartered company that holds exclusive rights to develop and commercialize Akeso’s immunotherapy drug ivonescimab outside China, according to SCMP Economy.
Shares of Akeso surged after the investment, with SCMP Economy citing Jefferies research commentary that the partnership further strengthened the view that ivonescimab could become a foundational immunotherapy when used alongside other medicines.
SCMP Economy also said Akeso’s move came as US drug maker Merck announced a new deal that highlighted global momentum for China’s biotech sector amid easing concerns about potential US curbs.