BUZZ-Summit Therapeutics rises on clinical trial collaboration with Pfizer

Shares of drug developer Summit Therapeutics SMMT.O rise 6.2% to $23.50 premarket

Co says it is collaborating with Pfizer PFE.N to study its experimental drug ivonescimab in combination with several of Pfizer's targeted cancer therapies called antibody drug conjugates (ADCs) across different types of tumors

Under the agreement, SMMT will provide ivonescimab for the studies, which PFE will conduct

Studies expected to start mid-year

SMMT's drug has previously showed better survival rates in some lung cancer patients in a trial in China, outdoing Merck's MRK.N blockbuster Keytruda

Stock has risen 5x in the last 12 months after outperforming Keytruda - the world's biggest drug with more than $29 billion in sales last year - in those studies