Summit gains after partner Akeso secures China nod for lung cancer combo

** Shares of Summit Therapeutics SMMT.O rise 3% to $15.58

** Co says its partner Akeso 9926.HK announced the marketing authorization in China for the use of ivonescimab, in combination with chemotherapy, for the first-line treatment of patients with advanced squamous non-small cell lung cancer

** Ivonescimab belongs to a newer class of medicines known as bispecific antibodies, which have dual targets

** The drug is under U.S. FDA review for previously treated EGFR-mutated advanced non-squamous NSCLC, with a decision due on November 14 this year

** Summit holds commercial rights to ivonescimab outside China under a $5 billion licensing deal with Akeso

** As of last close, stock down 13.6% YTD