Why Summit Therapeutics Stock Is Skyrocketing This Week
Shares of Summit Therapeutics (NASDAQ: SMMT) were skyrocketing 371.8% higher this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence. This huge gain came after the company announced on Tuesday that it's licensing bispecific antibody ivonescimab from Chinese drugmaker Akeso.
Summit will pick up the rights to market ivonescimab in the U.S., Canada, Europe, and Japan. Akeso will retain the rights to market the therapy throughout the rest of the world, including China.
Summit will pay $500 million up front. Akeso could receive payments contingent on achieving regulatory and commercial milestones of up to $4.5 billion. The Chinese biopharmaceutical company will also be eligible for low-double-digit royalties on potential net sales of the drug.
Source Fool.com
