Akeso Inc. (HKG: 9926) has announced receiving the first installment of USD 300 million as part of an upfront fee paid by US-based Summit Therapeutics Inc. (NASDAQ: SMMT) under the firms’ December 2022 licensing deal for the bispecific antibody (BsAb) ivonescimab. The initial payment includes USD 274.9 million in cash and USD 25.1 million worth of Summit shares. Summit is expected to pay a second USD 200 million upfront payment in cash within 90 days of the license agreement’s signing date. Akeso has opted to hold shares of Summit, whose board now includes Akeso founder and CEO Dr. Michelle Xia Yu.
Ivonescimab: Mechanism and Development
Ivonescimab (AK112 / SMT112) is a novel, potential first-in-class bispecific antibody that combines dual mechanisms of programmed death-1 (PD-1) blockade and anti-angiogenesis benefits through vascular endothelial growth factor (VEGF) inhibition. Akeso has initiated a Phase III head-to-head study comparing ivonescimab with pembrolizumab in first-line PD-L1-positive non-small cell lung cancer (NSCLC) and another Phase III study evaluating ivonescimab combined with chemotherapy versus chemotherapy alone in advanced NSCLC with epidermal growth factor receptor (EGFR) mutations resistant to EGFR tyrosine kinase inhibitor (TKI) treatment.-Fineline Info & Tech
