Brief: Summit Therapeutics Partners With Akeso Inc In Deal For Up To $5 Bln

Akeso

06/12/2022 12:47

Dec 6 (Reuters) - Summit Therapeutics Inc  SMMT.O :
    * SUMMIT THERAPEUTICS PARTNERS WITH AKESO INC. IN DEAL FOR
UP TO
$5 BILLION TO IN-LICENSE BREAKTHROUGH INNOVATIVE BISPECIFIC
ANTIBODY
    * SUMMIT THERAPEUTICS INC - INITIATING DEVELOPMENT
ACTIVITIES FOR
SMT112 AND WILL DO SO FIRST IN NSCLC INDICATIONS
    * SUMMIT THERAPEUTICS INC - PLANS TO START TREATING PATIENTS
IN
CLINICAL STUDIES BY Q2 OF 2023
    * SUMMIT THERAPEUTICS - PARTNERSHIP CALLS FOR CO TO RECEIVE
RIGHTS
TO DEVELOP AND COMMERCIALIZE IVONESCIMAB (SMT112) IN U.S.,
CANADA, EUROPE, AND JAPAN
    * SUMMIT THERAPEUTICS INC - AKESO WILL RETAIN DEVELOPMENT
AND
COMMERCIALIZATION RIGHTS FOR REST OF REGIONS INCLUDING CHINA
    * SUMMIT THERAPEUTICS INC - IN EXCHANGE FOR RIGHTS, SUMMIT
WILL
MAKE AN UPFRONT PAYMENT OF $500 MILLION
    * SUMMIT THERAPEUTICS - TOTAL POTENTIAL DEAL VALUE IS $5.0
BILLION, AS AKESO WILL BE ELIGIBLE TO RECEIVE REGULATORY &
COMMERCIAL MILESTONES OF UP TO $4.5 BILLION
    * SUMMIT THERAPEUTICS INC - IN ADDITION, AKESO WILL BE
ELIGIBLE TO
RECEIVE LOW DOUBLE-DIGIT ROYALTIES ON NET SALES
    * SUMMIT THERAPEUTICS INC - IN CONJUNCTION WITH CLOSING OF
DEAL,
MICHELLE XIA WILL BE APPOINTED TO BOARD OF DIRECTORS OF SUMMIT
    * SUMMIT THERAPEUTICS INC - COMPANY HAS ALSO ANNOUNCED THAT
CO'S
BOARD OF DIRECTORS HAS APPROVED A RIGHTS OFFERING
    * SUMMIT THERAPEUTICS - ASSUMING RIGHTS OFFERING IS FULLY
SUBSCRIBED, WILL RECEIVE GROSS PROCEEDS OF UP TO $500 MILLION,
LESS EXPENSES RELATED TO RIGHTS OFFERING

Source text for Eikon:  ID:nGNX7WY2MH 
Further company coverage:  SMMT.O 
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