Shots:

• Akeso to receive $500M up front, ~$4.5B in regulatory & commercial milestones making a total deal value of $5.0B along with royalties. Ivonescimab, known as AK112 in China & Australia and as SMT112 in the License Territories
• Summit gets an exclusive right to develop & commercialize SMT112 in the US, Canada, EU, and Japan while Akeso gets the rights in the rest of the regions incl. China, leading the R&D expenses relating to Ivonescimab, incl. pre-clinical, safety & efficacy trials in non-licensed territories
• Akeso is conducting 2 P-III trials of ivonescimab, one for NSCLC & second for EGFR-mutated advanced non-sq. NSCLC. Summit plans to start its clinical program in Q2’23 & announced a $500M rights offering & issuance of $520M in promissory notes

Ref: Globenewswire | Image: Akeso