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Summit Therapeutics' Ivonescimab Outperforms Keytruda in Phase 3 Lung Cancer Trial, Stock Soars 225%
May 30, 2024, 08:01 PM
Summit Therapeutics announced that its experimental therapy, Ivonescimab, met the primary endpoint in the Harmoni-2 Phase 3 trial for non-small cell lung cancer (NSCLC) conducted in China. The drug, which targets both PD-1 and VEGF, outperformed Merck's Keytruda in progression-free survival (PFS), leading to a significant increase in Summit's stock price, which soared by 225%. The company's market cap reached $5 billion. However, it is important to note that the FDA does not recognize data from Chinese trials, which may impact future regulatory approval.
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