---
schema_version: "secwatch.filing_event.v1"
accession: "0001599298-22-000136"
form_type: "8-K"
ticker: "SMMT"
cik: "0001599298"
company_name: "Summit Therapeutics Inc."
filed_at: "2022-12-06T23:59:59+00:00"
generated_at: "2026-06-21T08:54:48.187188+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001599298-22-000136
- form_type: 8-K
- ticker: SMMT
- cik: 0001599298
- company_name: Summit Therapeutics Inc.
- filed_at: 2022-12-06T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 8.01, 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1599298/000159929822000136/0001599298-22-000136-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1599298/000159929822000136/smmt-20221205.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001599298-22-000136
- JSON: https://secwatch.observer/filing/0001599298-22-000136.json
- Plain text: https://secwatch.observer/filing/0001599298-22-000136.txt

## Key facts
- Executive change
  Dr. Yu (Michelle) Xia was elected as director at Summit Therapeutics Inc..
  - Action: elected
  - Role: director
  source text: the Board unanimously approved the election of Dr. Yu (Michelle) Xia as a director of the Company, effective upon the Antitrust Clearance Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929822000136/0001599298-22-000136-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929822000136/0001599298-22-000136-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.