Dive Brief:
Summit Therapeutics, developer of a leading experimental lung cancer drug, on Wednesday pulled plans for a $500 million secondary share offering it announced a day before, citing “market conditions.”
The proposed offering came nine days after Summit’s partner Akeso detailed positive data from a China-based Phase 3 lung cancer trial of an experimental drug, “ivonescimab,” they are developing together. The drug, which targets the proteins PD-1 and VEGF, is in a global Phase 3 trial that the partners hope will support Food and Drug Administration approval.
Summit’s cancellation comes amid an otherwise healthy environment for biotechnology share sales as a closely watched index of biotech companies’ share prices is now more than 30% higher than it was a year ago. However, Summit’s stock has gone a different direction as mixed data for ivonescimab has emerged and debate over its promise has simmered among investors and doctors.
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