Akeso survival data for ivonescimab misses expectations, STAT says

While Akeso (AKESF) and Summit Therapeutics’ (SMMT) ivonescimab, a rival to Merck’s (MRK) Keytruda, won approval in China this week, the data on patient survival did not meet analyst expectations, Jonathan Wosen of STAT reports. In its submission to regulators, Akeso included data on patient survival, disclosing that an interim analysis following 157 patient deaths found that participants on ivonescimab had a roughly 22% reduced risk of death, with a hazard ratio of 0.784, a company spokesperson confirmed to STAT. That finding is not statistically significant, but it does meet market analyst expectations, according to Wosen. In an email to STAT, an Akeso spokesperson noted that the interim analysis was not powered for statistical significance and that the company plans to conduct formal analyses of survival once 232 and 280 deaths have occurred in the trial. Shares of Summit Therapeutics fell 37% to $23.21 following the report before halting for news. BioNTech (BNTX) dropped 17% to $100.06 in sympathy with Summit.