‘Deviated from the core’: Akeso CEO tries to reset expectations of bispecific’s survival readout amid market tumult

# Bispecific Antibody OS Data Falls Short:
Akeso Addresses Market Reaction

Akeso's CEO Dr. Michelle Xia addressed investors after market interpretation of ivonescimab's survival data "deviated from the core of the issue"1
Unplanned interim analysis showed ivonescimab reduced death risk by 22.3% versus Keytruda in first-line PD-L1-positive NSCLC patients12
The OS data did not cross the statistical significance threshold, which had an alpha assignment of 0.00012
The analysis was performed when only 39% of prespecified deaths for final analysis were recorded2

Market reaction was severe:
Summit Therapeutics stock plummeted by about 36%, BioNTech dropped 15%, and Akeso's stock fell 12%1
Despite OS data concerns, progression-free survival (PFS) data was strong with ivonescimab showing 11.14 months versus 5.82 months for Keytruda (49% risk reduction)2
Akeso's CEO framed the OS data as a "positive trend" despite market disappointment3
Ivonescimab has been approved in China for first-line PD-L1-positive NSCLC based on the progression-free survival data2
Akeso reported over 20 registrational/Phase III clinical trials globally for its bispecific antibodies, including ivonescimab5

Sources:

1. https://www.fiercepharma.com/pharma/deviated-core-akeso-ceo-tries-reset-expectations-bispecifics-survival-readout-amid-market

2. https://www.fiercepharma.com/pharma/summit-stock-crashes-akeso-shares-bispecifics-first-overall-survival-data-keytruda-head-head

3. https://www.ainvest.com/news/akeso-survival-data-ivonescimab-misses-expectations-stat-2504/

5. https://www.prnewswire.com/news-releases/akesos-2024-results-strengthening-global-competitiveness-and-transforming-the-treatment-landscape-with-bispecific-antibodies-302415109.html