Summit Therapeutics cancer therapy succeeds in late-stage China study (updated)

Summit Therapeutics

30/05/2024 20:53

(Adds details in paragraphs 3-5, updates shares in paragraph 6)
       May 30 (Reuters) - Summit Therapeutics  SMMT.O  said on
Thursday its experimental therapy to treat patients with a type
of lung cancer met the main goal of a late-stage study conducted
in China, sending its shares soaring 177%.
    The company said its therapy showed statistically
significant improvement compared to Merck's  MRK.N  Keytruda in
a head-to-head setting.
    The study sponsored by Akeso  9926.HK  showed the therapy,
ivonescimab, had clinically meaningful improvement in the main
goal of progression free survival compared to Keytruda. 
    The company was testing the therapy in patients with
advanced non-small cell lung cancer, a disease in which
malignant cancer cells form in the tissues of the lung.
    The therapy is an antibody designed to block a protein
called PD-1, which helps the body's immune system to fend off
cancer.  
    Shares of the company more than doubled to $8.70, while
those of Merck slipped 0.87%.  
     

 (Reporting by Sneha  S K in Bengaluru; Editing by Arun Koyyur)
 ((Sneha.SK@thomsonreuters.com;))