Sidley Represents Akeso in US$5 Billion Licensing Agreement With Summit Therapeutics

Sidley is representing Akeso Inc. in a high-profile US$5 billion collaboration and licensing agreement with Summit Therapeutics Inc. to out-license its breakthrough bispecific antibody, ivonescimab, for development and commercialization in the U.S., Canada, Europe, and Japan.

Ivonescimab is a novel, potential first-in-class bispecific antibody independently developed by Akeso, a China-based, publicly traded, commercial-stage biopharmaceutical company. Summit Therapeutics is a California-based, publicly traded biopharmaceutical company.

The deal is one of the largest of its kind in 2022 and in recent years, and demonstrates Sidley’s ability to handle clients’ most significant global life sciences transactions.

Under the terms of the agreement, Akeso will receive a US$500 million upfront payment, with a total potential deal value of up to US$5 billion. Akeso will also receive a low double-digit percentage of royalties on net product sales of ivonescimab.

The Sidley team is led by James Lu (Emerging Companies and Venture Capital), Stephen Abreu, Asher Rubin, and Longbo Wang, and includes Ashleigh Lussenden, Cassidy Pomeroy-Carter (all Technology and Life Sciences Transactions), Carlton Fleming (Capital Markets), Karen Kazmerzak, and Edward Sharon (both Antitrust/Competition).