The brief

Analyst view

• Licensed ivonescimab from Akeso in Dec 2022: $500M upfront, up to ~$4.56B in milestones, low double-digit royalties.
• FDA decision on the first US filing (EGFR-mutant lung cancer) due 14 Nov 2026; FDA says survival benefit is key.
• Head-to-head lung trial vs Keytruda (HARMONi-3, ~1,600 patients) fully enrolled; first readout expected H2 2026.

Technical approach

As reported

Two targets

PD-1 and VEGF in one molecule

One antibody releases the immune brake PD-1 and starves tumours of VEGF, the signal that grows new blood vessels.

Cooperative binding

Binds harder inside tumours

In lab tests VEGF raises its grip on PD-1 several-fold, so it should act most where both are abundant: inside the tumour.

Strategy

Global trials after China wins

Akeso's China-only trials beat Keytruda; Summit runs multiregional phase 3s to seek US and European approval.