Where Will Summit Therapeutics Be in 5 Years?
Summit Therapeutics (NASDAQ: SMMT) has risen in prominence in the past two years thanks to a promising pipeline candidate, ivonescimab, a potential cancer treatment. The company's shares are up by 340% since January 2023. The market has high hopes for the biotech. It doesn't have a single drug on the market, yet it boasts a market capitalization of $14 billion.
Finding clinical-stage biotechs with market caps above $10 billion is rare. Will Summit Therapeutics live up to investors' expectations? Let's discuss how things could evolve for the biotech over the next half-decade.
Technically, ivonescimab is already approved in at least one country: China. Akeso Biopharma, a company based in China, originally developed it. Summit Therapeutics entered an agreement with Akeso that granted the former the right to commercialize ivonescimab in most countries outside of China, including the U.S., Canada, Japan, South and Central America, Africa, the Caribbean, and the Middle East.
Source Fool.com
