Summit Therapeutics, a small biotech company with no approved drugs and just 130 employees, has seen its market capitalization soar to $17 billion following positive news about its most promising drug candidate, ivonescimab. This surge in value has made co-CEO Maky Zanganeh a new billionaire, joining an exclusive group of self-made women billionaires in the U.S. Summit’s other co-CEO, Bob Duggan, also experienced success in the healthcare sector with Pharmacyclics, which he turned around before selling to AbbVie for $21 billion.
The recent stock runup for Summit began after positive data from a trial presented at the World Conference on Lung Cancer showed that ivonescimab outperformed Merck’s Keytruda, a blockbuster drug. The trial demonstrated a 49% reduced risk of tumor progression with ivonescimab compared to Keytruda, with patients experiencing longer periods before tumor growth. Summit licensed ivonescimab from Akeso in December 2020 and has global rights to market the drug.
Despite the positive trial results, Summit still has to conduct a global Phase 3 trial for the U.S. Food and Drug Administration to approve ivonescimab, a process that could take over 18 months. Investment banking firm Stifel does not project any revenue for Summit through 2025, highlighting the uncertainties and risks involved in drug development.
Zanganeh has an unconventional path to becoming a biotech CEO, having grown up in Iran during the Iran-Iraq war before eventually settling in Germany and then California. She worked with Duggan at various companies before joining Summit and is now leading the charge in developing ivonescimab with hopes for success in various cancer types.
The potential impact of ivonescimab extends beyond lung cancer, as there are currently 20 clinical trials ongoing in China with the drug candidate for other cancer types. Zanganeh and Duggan are optimistic about the drug’s success and are hopeful that it will be a game-changer in the biotech industry.
The success of Summit Therapeutics and its rise in market value underscores the competitive nature of the healthcare sector and the potential for small companies to make significant breakthroughs. As ivonescimab progresses through clinical trials and regulatory approval processes, the future of Summit and its impact on cancer treatment remains to be seen.
