Summit inks ADCs deal with Pfizer

Florida, USA-based Summit Therapeutics (Nasdaq: SMMT) saw its share rise 6.2% to $23.50 pre-market on the news of a clinical trial collaboration with Pfizer (NYSE: PFE) to evaluate ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of the US pharma giant’s antibody drug conjugates (ADCs) across multiple solid tumor settings.

Under the terms of the agreement, a further move by Pfizer into the oncology space, Summit will provide ivonescimab for use in the proposed studies, and Pfizer will be responsible for conducting the operations of the studies. The studies will be overseen by both Summit and Pfizer. Both parties retain their respective rights to their products. The studies combining ivonescimab with Pfizer’s vedotin ADCs are planned to begin in the middle of this year. Further details on the clinical trials will be announced at a later date. No financial terms were revealed.

Summit explained that the goal of the collaboration is to evaluate ivonescimab, in combination with several unique Pfizer ADCs across multiple solid tumor settings to accelerate the advancement of potentially landscape-changing combinations, which seek to improve the standards of care for patients facing serious unmet needs.