Chinese biotech firm Akeso tumbles on US partner Summit's setback for cancer drug
Chinese biotech firm Akeso, whose cancer drug has been hailed as a breakthrough for the nation's pharmaceutical industry, suffered a setback after less favourable clinical data dashed hopes for a quick US regulatory approval.
Advertisement
Akeso's shares fell 11.6 per cent to HK$73.65 in the morning session on Monday. US partner Summit Therapeutics' Nasdaq-listed shares slumped 30.5 per cent on Friday to US$18.22, the lowest since April 9.
Summit said on Friday that the US Food and Drug Administration (FDA) indicated that a 'statistically significant' benefit on overall survival – from start of treatment to death – was required to support marketing approval for the ivonescimab antibody.
Ivonescimab targets non-small cell lung cancer patients whose tumours showed a genetic abnormality that drives unusual cell growth.
Akeso is based in Zhongshan in China's southern Guangdong province. Photo: Handout
Summit said the first global phase-three clinical trial of Akeso's ivonescimab showed that it was effective in restoring patients' immune systems capabilities to attack tumour cells and slowed tumour progression. But ivonescimab had not yet demonstrated a survival benefit for patients in the study.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
8 hours ago
- South China Morning Post
80% of Hong Kong's disadvantaged children suffer nutritional imbalance: survey
Eight in 10 children from low-income families in Hong Kong suffer from serious nutritional imbalance, with less than 14 per cent getting enough dairy, a survey has found. Advertisement The People Service Centre on Tuesday released the findings of a four-year study that monitored 426 children, aged three to 11, from underprivileged households, including those living in public housing and substandard accommodation such as subdivided flats and cubicle rooms. The study, conducted by the poverty-focused NGO in collaboration with the Hong Kong Community Dietitian Association and Emeritus Professor in Public Health and Primary Care Albert Lee at the Chinese University of Hong Kong, showed that 80 per cent of the children had a serious nutritional imbalance, with only 13.6 per cent meeting the dairy intake target set by the Department of Health. About 60 per cent of the children had insufficient intake of both fruits and vegetables. Nearly half failed to meet the recommended grain intake, while close to 40 per cent did not consume enough meat. 'There were at least 40 per cent of children who did not meet the standards in each of the five major food categories,' Gloria Yeung Tan-ping, a project officer at the centre, said. 'The figures reflected the serious nutritional imbalance in children, and the intake level will affect their growth.' Advertisement The department recommends a daily balanced diet for children aged two to five that includes 1.5 to three bowls of grains, at least 1.5 servings of vegetables, at least one serving of fruit, up to 111 grams of meat, fish, egg and alternatives, and two servings of milk or alternatives.
South China Morning Post
9 hours ago
- South China Morning Post
Hong Kong stablecoin law draws mainland attention as Citic anticipates tokenisation boom
Hong Kong's move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. Advertisement While Beijing has remained largely quiet on Hong Kong's new stablecoin bill in the two weeks since it was passed, paving the way for the issuance of such assets in the city, discussions about the market and geopolitical implications have intensified on the mainland. Analysts at Citic Securities wrote in a note published on Tuesday that stablecoins could help mainland companies roll out their RWA projects in Hong Kong, as they could serve as stabilising tools that increase market liquidity. The new law would also help the city develop interfaces for digital currency payment and settlement, according to the note led by analyst Yang Zeyuan. Ying Ying, an analyst at Chinese brokerage CSC Financial, also wrote in a research note that Hong Kong has entered a stage of 'accelerated growth' of tokenised RWAs. Stablecoins are backed one-to-one with fiat currency like the US dollar. The world's largest stablecoin is Tether, or USDT. Photo: AFP Stablecoins, which are typically backed one-to-one with fiat currency such as US dollars, have recently drawn widespread attention, as financial regulators around the globe have started to focus on the specialised cryptocurrencies, which some see as potentially destabilising. The same week Hong Kong passed its stablecoin bill, the US Senate advanced its own bill called the Genius Act, which also focuses on these assets.
South China Morning Post
10 hours ago
- South China Morning Post
Alibaba, JD.com sales surge during 618 shopping festival on the back of subsidy programme
Preliminary 618 retail data from Taobao and Tmall Group (TTG), Alibaba's domestic e-commerce unit, showed sales of categories that benefit from government subsidies – including consumer electronics products and home appliances – surged 283 per cent during the campaign's initial checkout period from May 13 to May 26, compared with the initial checkout period of its Singles' Day campaign last year. Alibaba owns the South China Morning Post. For sales of home appliances and electronics rose about 380 per cent year on year in the first hour of its 618 campaign, which started on May 30, according to the latest data on the company's website. Both major e-commerce platforms were among the first to join the central government's renewed trade-in programme. The 2025 programme enables consumers who already claimed subsidies during last year's roll-out to receive new rebates. The data from Alibaba and reflects improved domestic retail spending, as the national subsidy programme offers each consumer a rebate of up to 2,000 yuan (US$278) per item. Eligible goods include consumer electronics products, such as personal computers and smartphones , as well as a range of home appliances from refrigerators and washing machines to televisions and air conditioners.
