Key Takeaways SMMT surged after reports of AstraZeneca exploring a $15 billion licensing deal for ivonescimab. The deal may include billions upfront, with milestone payments tied to Ivonescimab's progress. Ivonescimab showed superiority over Keytruda and Tevimbra in late-stage NSCLC trials.Shares of clinical-stage company Summit Therapeutics (SMMT) rose nearly 9% on Thursday following a report issued by Bloomberg, which stated that pharma giant AstraZeneca (AZN) is in discussions with the company for a po ...

21世纪经济报道记者季媛媛 上海报道 6月13日，本土创新药企接连宣布了两项重大举措，在全球医药创新的版图上标注了自己的位置。 一方面，阿斯利康宣布与石药集团达成战略研究合作。双方将聚焦高优先级靶点，合作推进新型口服候 选药物的发现和开发，这些药物有望治疗更多适应证疾病。 根据协议，阿斯利康与石药集团同意为多个靶点发现和开发具有多种慢性疾病治疗潜力的临床前候选药 物，包括一种用于免疫疾病的临床前小分子口服疗法。 事实上，在5月30日，石药集团就发布公告称，正与多家独立第三方就三项潜在授权合作进行深入磋 商，其中涉及核心产品EGFR-ADC的开发、生产及商业化权益。此次与阿斯利康的合作正是此前预告的 三项合作中的其中之一。 另一方面，亿帆医药（002019）高调宣布，创新药Ryzneuta（通用名：艾贝格司亭α注射液，国内商品 名：亿立舒，海外商品名：Ryzneuta ）在美国市场终端定价为4600美元/支。而在2023年，Ryzneuta 正 式获得美国食品药品监督管理局 (FDA) 的上市批准，用于治疗肿瘤患者在接受抗癌药物后出现的中性 粒细胞减少症。 公开信息显示，亿立舒在我国已被纳入国家医保目录，定价为 ...

Investment Rating - The report assigns a "Buy" rating to Summit Therapeutics Inc. (SMMT) with a 12-month price target of $41, indicating an upside potential of 90.2% from the current price of $21.56 [9]. Core Insights - The report highlights positive Phase 3 (HARMONi) data for ivonescimab combined with chemotherapy in second-line EGFR-mutant non-small cell lung cancer (NSCLC), suggesting that data from China can be translated to Western patients [2][3]. - Management anticipates full data from the Akeso Phase 3 HARMONi-6 study, which shows ivonescimab's benefits in first-line squamous NSCLC, to be presented at the ESMO meeting in October 2025 [2][5]. - Recent overall survival (OS) data from the HARMONi-2 study supports the translatability of ivonescimab's progression-free survival (PFS) benefits to OS, with management expecting statistically significant OS results in ongoing global studies [6][7]. - The company plans to explore partnership opportunities to accelerate the global development of ivonescimab and expand its indications beyond NSCLC [7]. Summary by Sections Phase 3 Trials - The global Phase 3 HARMONi trial involves approximately 420 patients and compares ivonescimab against placebo in combination with chemotherapy for second-line treatment of non-squamous EGFRm NSCLC [3][5]. - Initial topline data from the trial indicates a statistically significant PFS hazard ratio of 0.52, suggesting a strong efficacy profile [5]. Business Development - Management is focused on identifying partnership opportunities to facilitate rapid global development of ivonescimab, emphasizing the need for collaboration with larger players in the industry [7]. - The competitive landscape for PD-1/L1xVEGF therapies is seen as validating for the class, with SMMT aiming to maintain its leadership position [6][7]. Future Outlook - The report anticipates that the upcoming full data from the HARMONi-6 study will provide clarity on the efficacy of ivonescimab in combination with chemotherapy compared to existing standards of care [6]. - Management plans to provide updates on the timelines for the HARMONi-3 study in the second half of 2025, with strong enrollment noted to date [6].

Q1 2025 Results This presentation is intended for the investor community only; it is not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions. All trademarks in this presentation are the property of their respective owners. This presentation includes U.S. generally accepted accounting principles ("GAAP") and non-GAAP financial measures. Reconciliations between these two measures are provided in the appendix to this presentation. Some of the clinical data ...

Core Viewpoint - Summit Therapeutics reported a narrower loss per share in Q1 2025 compared to estimates, but still lacks any marketed products, resulting in no quarterly revenues [1][2]. Financial Performance - The company reported a loss per share of 9 cents, which is better than the Zacks Consensus Estimate of a loss of 10 cents, but wider than the 6 cents loss from the previous year [1]. - Adjusted research and development expenses increased by 65% year over year to $47.1 million, primarily due to rising clinical costs [4]. - Adjusted general and administrative expenses surged 95% year over year to $8.6 million, attributed to higher headcount and commercial readiness efforts [4]. - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $361.3 million, down from $412.3 million as of December 31, 2024 [5]. Pipeline Developments - Summit has one pipeline drug, ivonescimab, currently undergoing three late-stage studies for non-small cell lung cancer (NSCLC) [6]. - Positive results were reported from the Akeso-sponsored phase III HARMONi-6 study, showing significant improvement in progression-free survival compared to BeiGene's Tevimbra [7]. - The HARMONi-6 study is notable as the first late-stage study in NSCLC to demonstrate significant improvement over a PD-(L)1 inhibitor combined with chemotherapy [8]. - The company is also conducting the HARMONi-3 study, which compares ivonescimab plus chemotherapy against Merck's Keytruda [8]. - Akeso has secured approval for ivonescimab in a second indication based on HARMONi-2 results, although the interim overall survival analysis was not statistically significant [9]. - Summit is exploring partnerships for ivonescimab development across multiple disease areas, including a collaboration with Pfizer to evaluate the drug in combination with several of Pfizer's antibody-drug conjugates [10]. Stock Performance - SMMT's stock has surged 38% year to date, contrasting with a 2% decline in the industry [2].

It's hard to find a biotech company that has performed better than Summit Therapeutics (SMMT 2.86%) in the past year. The stock is up by a whopping 512%, and it's no secret why.Summit, a specialist in oncology, has made excellent clinical progress with its leading candidate, ivonescimab. There's more where that came from, too; Ivonescimab just knocked it out of the park in another study, a piece of news that jolted the share price.With the drugmaker's market-crushing performance  over the trailing-12-month ...