Akeso Received First Tranche of US$300 Million Upfront Payment from Summit! Summit Is Accelerating Clinical Development of Ivonescimab

HONG KONG, Jan. 26, 2023 /PRNewswire/ — Akeso, Inc. (9926. HK) (“Akeso” or the “Company”), a commercial-stage biopharmaceutical company focused on developing and commercializing first-in-class and best-in-class innovative medicines globally, announced the Hart-Scott-Rodino (HSR) Act filing has cleared for the previously announced collaboration and license agreement between Akeso and Summit Therapeutics (the “Summit”) for the breakthrough bispecific antibody, Ivonescimab (PD-1/VEGF). Akeso had received the first tranche of the upfront payment of US$300 million.

The first tranche of the upfront payment of US$300 million comprised US$274.9 million in cash and US$25.1 million in the form of 10,000,000 consideration shares allotted and issued by the Summit for US$2.51 per consideration share ( the “Consideration Shares Payment”), which was determined based on the volume-weighted average price of the shares of the Summit of 5 trading days prior to and after the date of the License Agreement in accordance with the License Agreement. The second tranche of the upfront payment of US$200 million will be paid within 90 days from the signing date of the License Agreement. Dr. XIA Yu, Chairwoman, Executive Director, CEO and President of Akeso, had been appointed to the board of directors of the Summit under the License Agreement. Akeso opted to hold Summit shares, and Dr. XIA Yu accepted the appointment as a director of the Summit to further strengthen the cooperation with the Summit.