Summit Therapeutics Signs $5B License Deal with Akeso for Bispecific Antibody Ivonescimab

Summit Therapeutics Inc.

Summit pays Akeso $500M upfront ($300M due after HSR clearance, $200M within 90 days) plus up to $4.5B milestones for ivonescimab rights in US, Canada, Europe, Japan.
Robert Duggan and Maky Zanganeh lend Summit $520M via unsecured promissory notes at 7.5% interest maturing Feb and Sept 2023, extendable to Sept 2024.
Summit board approves $500M rights offering to stockholders with subscription price at lesser of $1.05 or 5-day VWAP; Duggan and Zanganeh intend to participate.
Dr. Michelle Xia, co-founder and CEO of Akeso, appointed to Summit's board effective upon antitrust clearance.
Summit plans to start clinical studies for SMT112 (ivonescimab) by Q2 2023, initially in non-small cell lung cancer.

item 1.01 item 8.01 item 2.01 item 5.02 item 9.01

Executive movements

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Appointed

Dr. Yu (Michelle) Xia

director

SMMT · Summit Therapeutics Inc.

Filed: December 6, 2022, 6:59 PM ET

the Board unanimously approved the election of Dr. Yu (Michelle) Xia as a director of the Company, effective upon the Antitrust Clearance Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dr. Yu (Michelle) Xia was elected as director at Summit Therapeutics Inc..

Action: elected
Role: director

Exact text from the filing

the Board unanimously approved the election of Dr. Yu (Michelle) Xia as a director of the Company, effective upon the Antitrust Clearance Date.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Summit Therapeutics Inc. entered into Collaboration and License Agreement with Akeso, Inc. and its affiliates valued at upfront payment of $500 million (effective 2022-12-05).

Action: entry
Agreement: license
Counterparty: Akeso, Inc. and its affiliates
Value: upfront payment of $500 million
Effective: 2022-12-05

Exact text from the filing

On December 5, 2022, Summit Therapeutics Inc. (the “Company” or “Summit”) entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso, Inc. and its affiliates (“Akeso”) and certain ancillary transaction documents as set forth in the License Agreement.

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38 material agreements filed in the last 30 days. Browse all material agreements →

Summit Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001599298-22-000136

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