China's Akeso plunges as drug's clinical trial results seen below expected

Akeso

24/05/2024 08:53

** Shares of Chinese biological products developer Akeso Inc
 9926.HK  drop as much as 45% to HK$26.45, their lowest since
October 2022
    ** Stock last down 22.1% at HK$37.45, on course for the
biggest one-day pct decline since debut in April 2020; top the
pct loser on Hang Seng Composite Index  .HSCI  
    ** Co says China's NMPA has granted marketing approval to
the co's "ivonescimab injection", combined with chemotherapy for
treatment of metastatic non-squamous non-small cell lung cancer
    ** A biotechnology venture capital fund says the
progression-free survival (PFS) of Akeso's anti-tumor drug AK112
(Evoxi) AK112 is non-competitive compared with others
    ** Akeso says the NMPA's approval of "ivonescimab injection"
is based on AK112-301/HARMONi-A Phase III clinical trial with
primary endpoint of PFS and secondary endpoint of overall
survival in China
    ** Stock down 19.5% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))