Summit Therapeutics gains on up to $5 bln licensing deal for cancer therapy

Akeso

06/12/2022 14:09

** Shares of infectious diseases treatment developer Summit
Therapeutics Inc  SMMT.O  rise ~53% to $1.20 premarket - one of
the top pct gainers among U.S. stocks
    ** Co signs up to $5 bln licensing deal with China-based
Akeso Inc  9926.HK  for experimental cancer therapy ivonescimab
    ** The deal involves an upfront payment of $500 mln to Akeso
    ** Akeso will be eligible for regulatory and commercial
milestone payments of up to $4.5 bln and low double-digit
royalties on net sales
    ** Summit plans to start treating patients by Q2 2023
    ** SMMT to receive the rights to develop and commercialize
ivonescimab in the United States, Canada, Europe, and Japan
    ** Up to Monday's close, stock down ~71% YTD vs ~9% decline
in Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com))