Summit surges as its cancer drug outdoes Merck's in China trial

Summit Therapeutics

09/09/2024 17:07

(Updates)
    ** Summit Therapeutics shares  SMMT.O  rise as much as 75.2%
to hit a record high of $21.50; last up 63.1% at $20.02
    ** Merck's  MRK.N  shares down 1.1% at $116.57
    ** Summit's ivonescimab therapy shows median of 11.14 months
of progression-free survival vs 5.82 months for Merck's Keytruda
in its late-stage lung cancer trial in China
    ** SMMT's experimental therapy reduces tumor progression
risk by 49%
    ** In May, SMMT said its therapy showed statistically
significant improvement compared to Merck's, sending its shares
soaring 177%
    ** "We could see some Merck weakness, but don't expect
Keytruda to be challenged anytime soon," BMO Capital Markets
says
    ** SMMT up seven-fold vs MRK's ~7% gain, YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))