Summit Therapeutics surges as its cancer drug outdoes Merck's

Summit Therapeutics

09/09/2024 10:37

** Summit Therapeutics  SMMT.O  surges 35% premarket, while
Merck's  MRK.N  shares slide 3.6%
    ** 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 soars ~370% YTD vs MRK's ~8% gain, as of last close

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