Summit Therapeutics gains as lung cancer drug succeeds in second study in China

Summit Therapeutics

23/04/2025 13:05

** Shares of Summit Therapeutics SMMT.O up 13.41% at $31.05 before the bell

** Company and partner Akeso's 9926.HK drug ivonescimab, in combination with chemotherapy, showed "statistically significant superiority" in progression-free survival for patients with a type of lung cancer

** The companies were testing ivonescimab-chemotherapy regime in a study conducted in China, against a tislelizumab, and chemotherapy combination

** Tislelizumab is sold as Tevimbra by BeiGene 688235.SS

** The companies plan to share detailed data from the study later this year and SMMT is currently enrolling patients in a multi-regional study for the drug

** SMMT shares peaked in September 2024 after results from a study in China showed some lung cancer patients on its experimental drug had better survival rates than those on Merck's MRK.N blockbuster Keytruda

** BMO analysts say the data "further heats up competition" in the lung cancer treatment market and can put further pressure on MRK's shares

** As of last close, SMMT shares up 53.26% YTD

(Reporting by Bhanvi Satija in Bengaluru)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))