By Fineline Cube 
UK-based AstraZeneca plc (AZ, NASDAQ: AZN) is reportedly in negotiations with Summit Therapeutics, the US partner of China-based Akeso Inc. (HKG: 9926), regarding the licensing of ivonescimab. The potential deal value is said to reach up to USD 15 billion. Following the news, Summit’s stock price rose 9.7% to USD 25.81 in early trading on July 3.
Deal Structure
The agreement could include an upfront payment of several billion dollars to Summit, along with subsequent milestone payments, according to Bloomberg. However, the report also highlighted that the talks could still fall through, and Summit might opt for another partner for licensing. Both companies declined to comment on the reports.
Ivonescimab Background
Ivonescimab is the world’s first PD-1/VEGF bispecific antibody (BsAb). Summit obtained the rights to develop and commercialize the drug in the United States, Canada, Europe, and Japan through a USD 5 billion licensing deal with Akeso in 2022. The partnership was expanded in June of last year, granting Summit development and commercialization rights in Central and South America, the Middle East, and Africa. In May of last year, ivonescimab was approved in China for first-line treatment of EGFR-mutated non-squamous non-small cell lung cancer (NSCLC) following EGFR-TKI progression.-Fineline Info & Tech