Core Viewpoint - Summit Therapeutics Inc. has announced a clinical trial collaboration with GSK plc to evaluate ivonescimab, a novel PD-1/VEGF bispecific antibody, in combination with GSK's investigational B7-H3 targeting antibody drug conjugate, risvutatug rezetecan, across multiple solid tumor settings, including small cell lung cancer [1] Group 1 - The collaboration aims to explore new mechanisms of action in cancer treatment [1]

Core Insights - GSK plc announced that the FDA has granted Orphan Drug Designation to its investigational drug GSK'227, now renamed risvutatug rezetecan, for treating small-cell lung cancer (SCLC) [1][7] - The Orphan Drug Designation was based on positive results from the phase I ARTEMIS-001 study, which demonstrated durable responses in patients with extensive-stage SCLC [2] Drug Development and Designations - A phase III study for risvutatug rezetecan in relapsed SCLC commenced in October 2025, with additional phase III studies evaluating the drug for osteosarcoma and early-stage studies for other cancers [3] - Risvutatug rezetecan has received multiple expedited designations, including Breakthrough Therapy Designation from the FDA and PRIME designation from the EMA for various cancer treatments [4] Market Context - Small-cell lung cancer accounts for approximately 13% of all lung cancers in the U.S. and has one of the poorest prognoses among major cancers, with most patients experiencing relapse after initial treatment [5] - GSK's shares have increased by 41.7% over the past year, outperforming the industry average rise of 11.6% [3]

Group 1: Overview of ADRs - ADRs, or American Depository Receipts, are US-listed securities of foreign firms, allowing American investors to trade shares of these companies [1][2] - Notable ADR examples include Taiwan Semiconductor Manufacturing Company Limited, ASML Holding, and Alibaba Group Holding Limited [2] Group 2: UBS Group AG - UBS Group AG's shares rose following a report that the Swiss government was softening regulations regarding capital buffers, which could have required the bank to hold an additional $24 billion in capital [8] - UBS is integrating Credit Suisse and may reduce its headcount by up to 10,000 by 2027, primarily through natural attrition and early retirement [9] - The bank plans to conduct up to $0.9 billion in share buybacks in Q4, aiming for a total of $3 billion in buybacks for the year [9] Group 3: GSK plc - GSK plc received Orphan Drug Designation from the FDA for its lung cancer drug risvutatug rezetecan, which showed positive results in phase 1 clinical trials [10] - Small-cell lung cancer accounts for 13% of all cancers in America, with an estimated 29,500 new diagnoses expected [10] - JPMorgan maintains a Sell rating for GSK with a £17 share price target, amid a legal dispute involving its subsidiary TESARO and AnaptysBio over licensing issues [11]