Summit Therapeutics PLC (SMMT) stock surged 6.69% in pre-market trading on Monday, fueled by the announcement of a clinical trial collaboration with Pfizer Inc. (PFE) to evaluate its investigational bispecific antibody, ivonescimab, in combination with several of Pfizer's antibody drug conjugates (ADCs) across multiple solid tumor settings.

The collaboration aims to accelerate the development of potentially transformative combination therapies by evaluating ivonescimab, a novel PD-1/VEGF bispecific antibody, alongside Pfizer's innovative vedotin ADCs. The goal is to explore the clinical synergy of these therapies and potentially improve the standard of care for patients with serious unmet needs in various solid tumor types.

Under the agreement, Summit will provide ivonescimab for the proposed studies, while Pfizer will be responsible for conducting the operations. The studies, planned to begin in the middle of this year, will be overseen by both companies. Further details on the clinical trials will be announced at a later date.