December 2022 Top Biopharma Deal: Akeso – Summit for Cancer Drug Ivonescimab

Jan 2, 2023 | Deal of the Month, Partnership Deals

December 2022 Top Biopharma Deal Upfront
Akeso development and commercialization deal with Summit for ivonescimab

Highlighted Deal Financial Comps

Date Announced:

December 5, 2022

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

$4,500M dev. and sales milestones


Undisclosed, low double-digit royalty

Cost & Profit Split:


Deal Synopsis

The Asset:

Ivonescimab (AK112 in China and Australia; SMT112 in the U.S., Canada, Europe, and Japan)

Deal Structure:

Development and Commercial License

Partnership Features:

Collaborative Development, No Shared Cost

Deal Details:

  • Akeso granted Summit exclusive rights to develop and commercialize Akeso’s PD-1 / VEGF bispecific antibody ivonescimab for the treatment of cancer including non-small cell lung cancer (NSCLC) in the U.S., Canada, Europe, and Japan. Akeso will retain rights to ivonescimab for the rest of the world, including China.POINT will be responsible for the funding, development, and manufacturing of PNT2002 and PNT2003 while Lantheus will be responsible for NDA approval and development and commercial expenses.
  • Summit signed a supply agreement to purchase certain drug substances for clinical and commercial use.
  • Akeso will receive $500M up front ($300M within 15 days or expiry of waiting periods and $200M within 90 days) and is eligible for up to $4.5B in regulatory and commercial milestones, plus low double-digit royalties.

Last Month:

Congrats to Akeso and Summit for landing DealForma’s Dec. 2022 top biopharma deal. Last month’s Deal of the Month was POINT – Lantheus for cancer drugs PNT2002 and PNT2003. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

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