AstraZeneca, Merck, Novo deals boost Chinese biotech as global interest grows

AI Summary

AstraZeneca and Merck deals involving Chinese biotech firms are highlighting growing international interest in the sector amid reduced concern about possible US restrictions. AstraZeneca announced a US$2 billion equity investment in Summit Therapeutics, which holds rights outside China to develop and commercialize Akeso's cancer immunotherapy ivonescimab.

Shares of Akeso surged after British drug maker AstraZeneca moved to advance the Chinese biotech firm’s flagship cancer drug, while a new deal from US giant Merck further underscored the sector’s global momentum amid easing fears of US curbs. AstraZeneca on Tuesday announced a US$2 billion equity investment in Florida-headquartered Summit Therapeutics, which holds the exclusive rights to develop and commercialise Akeso’s immunotherapy drug ivonescimab outside China. Summit and AstraZeneca would...