Summit Therapeutics raised $200 million through an institutional investment, with shares sold at a premium to the previous closing price. The proceeds will fund the clinical development of ivonescimab, an anti-cancer therapy.
In a separate transaction, Summit expanded the license territories for ivonescimab. Akeso, Inc. amended their collaboration agreement to include Latin America, the Middle East, and Africa. Summit previously held the licenses for the US, Canada, Japan, and Europe.
The expanded agreement aims to increase access to ivonescimab for patients worldwide, potentially benefiting those who can benefit from this therapy. Summit and Akeso reaffirmed their commitment to bring ivonescimab to as many individuals as possible.
The deal is valued at $70 million in exchange for the expanded rights. The original collaboration agreement, including royalty payments and manufacturing provisions, remains in effect. The amendment strengthens the partnership through enhanced data sharing, which can expedite clinical development and regulatory approvals globally.
Summit will hold a conference call on June 3, 2024, to discuss these developments further and provide updates on the progress of ivonescimab.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
