SSGJ-707

Industry watchers are still awaiting detailed data or readouts from three ivonescimab phase 3 trials. Summit Therapeutics, which has consistently been communicating quarterly results through investor calls in the past few years, has suddenly decided to go without one.The lack of an earnings call accompanying Summit’s second-quarter results came after Bloomberg last month reported that the company was engaged in high-stakes licensing talks for its PD-1xVEGF antibody ivonescimab.“Coincidence? We don’t think so, as we’re unsure how else to explain the radio silence,” Evercore ISI analysts wrote in a Monday note.“The silence is deafening,” the analysts continued, noting that Summit’s second-quarter press release lacks new information but serves mostly as a recount of past events without any comments from the management team.Companies may opt not to hold conference calls if they are in the process of a major, market-moving development to avoid making any statements that could impact their discussions or violate confidentiality agreements.Last month, Bloomberg reported that Summit was in discussions with AstraZeneca for a potential deal worth $15 billion. The biotech had also talked to other large pharma companies, according to Bloomberg, citing people familiar with the matter.“We continue to believe it is critical that Summit secure a partnership that will support VEGFA/PD-1 ivonescimab’s global development,” Leerink Partners analysts said in a note this week, arguing that the company lacks the means to rapidly advance the drug in combination regimens by itself. On Monday, Summit proposed to raise up to $360 million by selling new shares of its stock from time to time. As of the end of June, Summit had cash and cash equivalents worth nearly $298 million.The new money “could provide the company with temporary alleviation of their cash overhang, but it does not preclude the need to partner [ivonescimab],” the Leerink team said. The question remains as to which pharma giant has a robust enough pipeline to pair with ivonescimab and enough firepower to pull off a deal. Summit, which currently revolves solely around ivonescimab, has a market cap of above $20 billion.Pfizer recently shelled out $1.25 billion upfront—and committed up to $4.8 billion in milestones—for 3SBio’s PD-1xVEGF candidate, coded SSGJ-707. Then Bristol Myers Squibb agreed to pay BioNTech $3.5 billion upfront, with up to $7.6 billion in potential milestones, to co-develop and co-commercialize a PD-L1xVEGF drug that the German company had acquired from Biotheus. During a recent investor event, Pfizer’s newly minted Chief Oncology Officer, Jeff Legos, Ph.D., touted the New York pharma’s antibody-drug conjugates as potential combinable assets with SSGJ-707.“Part of this development plan will be to look at the inter-portfolio combination opportunities, particularly with some of our ADCs where we’ve been generating evidence that combinations with anti-PD-1 agents can deliver potentially practice-changing results,” Legos said.Summit previously formed a clinical collaboration with Pfizer. But that partnership is dead now with Pfizer’s 3SBio deal.Meanwhile, industry watchers are still awaiting detailed data or readouts from three ivonescimab phase 3 trials.The Chinese HARMONi-6 trial, which is evaluating ivonescimab against BeOne Medicines’ PD-1 inhibitor Tevimbra in their respective combinations with chemotherapy in first-line squamous non-small cell lung cancer, recently met its primary endpoint of progression-free survival.The Leerink team sees reduced near-term implications from this study for Summit because the trial is likely too early to show overall survival outcomes.A readout from the global HARMONi trial in EGFR-mutated NSCLC recently disappointed investors. While positive on progression-free survival, the study did not meet the overall survival goal at the time of the readout. Summit did not provide a breakdown of overall survival data in Asian and North American patients but said both groups showed a positive trend.As Leerink sees it, the most important ivonescimab readout in the near term is the China-only HARMONi-2 study. The high-profile Keytruda head-to-head study has repeatedly made headlines. There, ivonescimab monotherapy has decisively beaten Merck & Co.’s Keytruda in first-line PD-L1-positive NSCLC. The entire oncology field is waiting for its overall survival readout after a premature look at the data led to divided reviews. As Summit’s stock price fluctuates, the company’s board in April shifted the goalpost of the company’s executive compensation plan. Specifically, Summit has switched the remaining stock option awards issued under its 2020 stock incentive plan from performance-based to require only continued service with the firm.The new plan was laid out in the company's annual proxy (PDF) statements filed shortly after the unplanned HARMONi-2 overall survival readout had crashed Summit's stock price. To justify the decision, the board cited “consideration of the compensation program overall” and “the achievement of the market capitalization performance condition.”As a result of the modification, half of the remaining stock options vested in the second quarter, leading to an aggregate expense of $467 million. The remaining half will vest in three annual tranches beginning in October 2025, according to the firm’s proxy filing in April. 

Pfizer will manufacture the drug substance for SSGJ-707 in Sanford, North Carolina. Credit: YES Market Media/Shutterstock.com. Pfizer has concluded a global licensing agreement with 3SBio, excluding China, which grants it exclusive rights for the development, production and commercialisation of 3SBio’s bispecific antibody SSGJ-707. The antibody targets programmed cell death protein 1 and vascular endothelial growth factor and was developed using 3SBio’s CLF2 platform. As part of the agreement, which was signed in May 2025 , 3SBio will receive $1.25bn, along with a $100m equity investment from Pfizer. The agreement also includes an option for Pfizer to extend its licensing rights to include exclusive development and commercialisation of SSGJ-707 in China, for which Pfizer will pay up to $150m in option payments to 3SBio. Pfizer research and development chief scientific officer and president Chris Boshoff stated: “We are excited to contribute our significant expertise and resources to rapidly advance the development of the SSGJ-707 programme, including novel combination strategies across a number of our major tumour areas of focus. “This is an important candidate that combines two key targets in a promising class of medicines, complementing our antibody-drug conjugate portfolio and further demonstrating our commitment to advancing pioneering science to deliver transformative cancer medicines and new hope to people living with cancer.” GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence SSGJ-707 is undergoing multiple clinical trials in China for metastatic colorectal cancer, non-small cell lung cancer (NSCLC) and gynaecological tumours. Interim Phase II data have shown positive outcomes regarding the efficacy and safety of SSGJ-707 as a single agent for patients with advanced NSCLC. Pfizer intends to manufacture the drug substance for the antibody in Sanford in the US state of North Carolina, and the drug product in Kansas. The clinical development plan for SSGJ-707 will involve trial centres in the US and globally, with a focus on the Phase III worldwide development plan for NSCLC as well as other solid tumours. Pharmaceutical Technology Excellence Awards - The Benefits of Entering Gain the recognition you deserve! The Pharmaceutical Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving pharmaceutical advancements. Don’t miss your chance to stand out—submit your entry today! Nominate Now