Brief: Summit Therapeutics Closes Deal With Akeso Inc To In-License Bispecific Antibody

Akeso

20/01/2023 13:07

Jan 20 (Reuters) - Akeso Inc  9926.HK :
    * SUMMIT THERAPEUTICS CLOSES DEAL WITH AKESO INC. TO
IN-LICENSE
BREAKTHROUGH INNOVATIVE BISPECIFIC ANTIBODY
    * SUMMIT THERAPEUTICS INC - IS INITIATING DEVELOPMENT
ACTIVITIES
FOR SMT112 AND WILL DO SO FIRST IN NON-SMALL CELL LUNG CANCER
(NSCLC) INDICATIONS
    * SUMMIT THERAPEUTICS - PARTNERSHIP CALLS FOR CO TO RECEIVE
RIGHTS
TO DEVELOP AND COMMERCIALIZE IVONESCIMAB IN UNITED STATES,
CANADA, EUROPE, & JAPAN
    * SUMMIT THERAPEUTICS INC - AKESO WILL RETAIN DEVELOPMENT
AND
COMMERCIALIZATION RIGHTS FOR REST OF WORLD, INCLUDING CHINA FOR
SMT112
    * SUMMIT THERAPEUTICS INC - GOING FORWARD, AKESO WILL BE
ELIGIBLE
TO RECEIVE REGULATORY AND COMMERCIAL MILESTONES OF UP TO AN
ADDITIONAL $4.5 BILLION
    * SUMMIT THERAPEUTICS INC - IN EXCHANGE FOR THESE RIGHTS, CO
COMMITTED TO UPFRONT PAYMENT OF $500 MILLION TO BE PAID IN TWO
INSTALLMENTS
    * SUMMIT THERAPEUTICS INC - AKESO WILL RECEIVE LOW
DOUBLE-DIGIT
ROYALTIES ON NET SALES IN SUMMIT TERRITORIES
    * SUMMIT THERAPEUTICS INC - FIRST INSTALLMENT WORTH $300
MILLION
HAS BEEN PAID IN CONJUNCTION WITH CLOSING OF TRANSACTION
    * SUMMIT THERAPEUTICS INC - SECOND INSTALLMENT OF $200
MILLION
WILL BECOME DUE ON MARCH 5, 2023 AND WILL BE PAID BY SUMMIT IN
CASH
    * SUMMIT - IN CONJUNCTION WITH CLOSING OF DEAL, MICHELLE
XIA,
CO-FOUNDER, CHAIRWOMAN, & CEO OF AKESO, HAS BEEN APPOINTED TO
BOARD OF DIRECTORS OF CO

Source text for Eikon:  ID:nBw2p96Mka 
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