Biotech Values

[DewDiligence]

SMMT—(-16%)—inks clinical-trial collaboration with PFE:

https://finance.yahoo.com/news/summit-therapeutics-announces-clinical-trial-110000253.html

Summit Therapeutics Inc. today announced a clinical trial collaboration with Pfizer Inc. to evaluate ivonescimab, a novel, investigational PD-1 / VEGF bispecific antibody, in combination with several of Pfizer’s antibody drug conjugates (ADCs) across multiple solid tumor settings.

…Under the terms of the agreement, Summit will provide ivonescimab for use in the proposed studies, and Pfizer will be responsible for conducting the operations of the studies. The studies will be overseen by both Summit and Pfizer. Both parties retain their respective rights to their products. The studies combining ivonescimab with Pfizer’s vedotin ADCs are planned to begin in the middle of this year. Further details on the clinical trials will be announced at a later date.

I.e. no cash is changing hands, and we can rule out PFE as a near-term acquirer of SMMT, which is probably why SMMT is selling off today.