Akeso Inc. (HKG: 9926), a biopharmaceutical company based in China, has announced a supplementary licensing agreement with Summit Therapeutics Inc. (NASDAQ: SMMT) for ivonescimab, Akeso’s bispecific antibody (BsAb) that targets PD-1 and VEGF. The original agreement, valued at a potential USD 5 billion, was signed in December 2022 and granted Summit exclusive development and commercialization rights for ivonescimab in the US, Canada, Europe, and Japan.
The new agreement extends Summit’s exclusive rights to include additional markets such as Central and South America, the Middle East, and Africa. Summit will maintain responsibility for clinical development, regulatory submissions, commercialization, and associated costs across all licensed regions.
Under the terms of the latest agreement, Akeso will receive an upfront payment of USD 70 million, milestone payments, and royalties on sales in the newly licensed markets. Additionally, Akeso will manufacture and supply the drug to Summit for a fee.- Flcube.com
