Summit Therapeutics

Merck & Co. acquires LaNova Medicines' LM-299 cancer therapy for $588 million, aiming to bolster its cancer immunotherapy portfolio against emerging PD-1 and VEGF bispecific therapies, which pose a threat to its Keytruda drug. The deal reflects Merck's strategic interest in advancing dual-target cancer treatments, as Keytruda faces potential patent expiration and limited durable response rates.

Healthcare stocks Merck and Medtronic offer reliable passive income due to their resilience in economic downturns and consistent dividend growth. Merck faces competition for Keytruda but has a robust pipeline and a solid dividend record. Medtronic, with 47 consecutive years of dividend increases, benefits from innovations like the MiniMed 780G insulin pump and the Hugo robotic surgery system.

Akeso Biopharma announces first patient enrollment in Phase III AK112-309 trial for biliary tract tumor, comparing ivonescimab with durvalumab. The study aims to improve overall survival in advanced biliary tract cancers, following positive Phase II results showing significant antitumor activity and safety.

Akeso Biopharma announces first patient enrollment in Phase 3 trial of ivonescimab combination for first-line therapy in biliary tract tumors, comparing it to durvalumab.

Akeso announces first patient enrollment in Phase 3 trial of ivonescimab combined with ligufalimab (CD47) for first-line treatment of head and neck squamous cell carcinoma (HNSCC), compared to pembrolizumab. The trial is the first globally for CD47 monoclonal antibody therapy in solid tumors and highlights Akeso's commitment to advancing cancer immunotherapy.

Summit Therapeutics reports Q3 and 9-month 2024 progress, including ivonescimab's clinical success in NSCLC, raising $235M in private financing, and operational updates on Phase III trials.

Pfizer's earnings beat expectations amid Starboard criticism; Novartis delays submission for MorphoSys drug; Biogen appoints new chief medical officer; VCs use U.S. startups to hedge bets on Chinese drugs; GSK acquires autoimmune drug candidate; key figures in cancer vaccine development; Medicare's drug price negotiations explained.

Ottimo Pharma, backed by Medicxi and led by David Epstein, develops a bi-functional antibody targeting PD-1 and VEGFR2 to enhance cancer immunotherapy, aiming for clinical trials in 2025.

EF Hutton analyst Jason Kolbert initiated coverage of ImmunityBio with a Buy rating and a $30 price target, implying a 767% upside. ImmunityBio's Anktiva, approved by the FDA for non-muscle invasive bladder cancer, activates the immune system to eliminate tumor cells and convert cold tumors into hot ones, potentially improving outcomes in various cancers.