Summit Therapeutics, a small biotech company, has seen a surge in its market capitalization following positive news about its most promising drug candidate, ivonescimab. Co-CEO Maky Zanganeh now holds a stake worth an estimated $1.1 billion, making her one of the few self-made female billionaires in the U.S. alongside two others in the healthcare sector. The other co-CEO, Robert Duggan, is worth $14.9 billion and owns 75% of Summit’s stock, with recent investments to increase his holding. Summit’s stock nearly doubled following data from a recent trial showing ivonescimab outperforming Merck’s Keytruda in treating non-small cell lung cancer.
Ivonescimab was licensed by Summit from Hong Kong-listed firm Akeso in 2022 for a significant amount upfront and additional milestone payments totaling up to $5 billion. The drug has shown promising results in a trial conducted in China, with a 49% reduced risk of tumor progression compared to Keytruda. While the data is based on a trial in China, Summit will need to conduct a global Phase 3 trial for U.S. FDA approval, a process that could take 18 months or more. Analysts have not projected any revenue for Summit through 2025, highlighting the uncertainty and risks associated with drug development.
Zanganeh’s journey to becoming a biotech CEO is unique, starting in Iran and eventually leading to Germany and the U.S. Her background in dentistry and experience working with Bob Duggan eventually brought her to Summit Therapeutics. Duggan, who had previous success with Pharmacyclics and the drug Imbruvica, invested in Summit and became CEO in 2020. Zanganeh, who battled breast cancer in 2020, joined the Summit board later that year and became co-CEO in 2022 before the deal with Akeso was finalized.
Both Zanganeh and Duggan have high hopes for ivonescimab, with ongoing clinical trials in China for various types of cancer. They believe the drug’s success rate is very high, which is not common in the biotech industry. Summit’s recent stock runup has put the company in the spotlight, attracting attention from investors and analysts. The potential for ivonescimab to become a strong competitor to existing cancer treatments like Keytruda has fueled optimism for Summit’s future prospects.
The success of Summit Therapeutics and its potential breakthrough drug candidate highlights the competitive landscape of the pharmaceutical industry, where even small companies can make a significant impact with the right innovation. Zanganeh and Duggan’s journey to leading a company on the brink of a major breakthrough illustrates the unpredictability and challenges of drug development, as well as the potential rewards for those willing to take on the risks. As Summit moves forward with its global Phase 3 trial for ivonescimab, the company faces both opportunities and uncertainties in the quest to bring a new cancer treatment to market.
