What happened?
In the fall of 2024, a watershed event occurred in the biotech industry. At that time, Summit Therapeutics (ticker: SUMT) announced that Ivonescimab, a new cancer immunotherapy drug licensed from Akeso (HK stock code: 9926), performed better than Merck’s (ticker: MSD) star drug Keytruda in treating patients with advanced lung cancer.
A biotech watershed
Some people compare this to the biotech version of China’s generative artificial intelligence DeepSeek shocking Silicon Valley. Because Keytruda is not only the global drug sales champion, but also Merck’s golden goose. This is the first time that a new drug from China’s biotech industry has defeated the US biotech pharmaceutical industry, which has long dominated the global biotech industry.
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