Akeso rallies after AstraZeneca invests $2 billion in Summit, backs ivonescimab
SMMT•Akeso shares rose 15.7% to HK$106.4 after AstraZeneca said it would invest $2 billion in Summit Therapeutics and collaborate on studies testing cancer treatments, including ivonescimab, which Summit licensed from Akeso.
1. Akeso shares jump
Akeso shares climbed 15.7% to HK$106.4, their biggest intraday percentage gain since September 2024, and reached their highest point since July 23. The stock was the top percentage gainer in the Hang Seng Biotech Index, which rose 1.3%.
2. Summit deal and studies
Summit Therapeutics said AstraZeneca would invest $2 billion in the company and collaborate on studies testing their cancer treatments together. Summit and AstraZeneca also agreed to explore testing ivonescimab with several AstraZeneca medicines, including antibody-drug conjugates. Summit licensed ivonescimab from Akeso.
