Summit Therapeutics gains as lung cancer drug succeeds in second study in China

Shares of Summit Therapeutics SMMT.O up 13.41% at $31.05 before the bell

Company and partner Akeso's 9926.HK drug ivonescimab, in combination with chemotherapy, showed "statistically significant superiority" in progression-free survival for patients with a type of lung cancer

The companies were testing ivonescimab-chemotherapy regime in a study conducted in China, against a tislelizumab, and chemotherapy combination

Tislelizumab is sold as Tevimbra by BeiGene 688235.SS

The companies plan to share detailed data from the study later this year and SMMT is currently enrolling patients in a multi-regional study for the drug

SMMT shares peaked in September 2024 after results from a study in China showed some lung cancer patients on its experimental drug had better survival rates than those on Merck's MRK.N blockbuster Keytruda

BMO analysts say the data "further heats up competition" in the lung cancer treatment market and can put further pressure on MRK's shares

As of last close, SMMT shares up 53.26% YTD