** Shares of Summit Therapeutics SMMT.O up 13.41% at $31.05 before the bell
** Company and partner Akeso's 9926.HK drug ivonescimab, in combination with chemotherapy, showed "statistically significant superiority" in progression-free survival for patients with a type of lung cancer
** The companies were testing ivonescimab-chemotherapy regime in a study conducted in China, against a tislelizumab, and chemotherapy combination
** Tislelizumab is sold as Tevimbra by BeiGene 688235.SS
** The companies plan to share detailed data from the study later this year and SMMT is currently enrolling patients in a multi-regional study for the drug
** SMMT shares peaked in September 2024 after results from a study in China showed some lung cancer patients on its experimental drug had better survival rates than those on Merck's MRK.N blockbuster Keytruda
** BMO analysts say the data "further heats up competition" in the lung cancer treatment market and can put further pressure on MRK's shares
** As of last close, SMMT shares up 53.26% YTD
(Reporting by Bhanvi Satija in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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