Summit Therapeutics cancels $500 million secondary share offering citing market conditions

Summit Therapeutics announced it would pull a planned $500 million secondary share sale just one day after the announcement, saying market conditions were unfavorable.

The offering had been slated shortly after the company's partner Akeso reported positive Phase 3 data from a China trial of ivonescimab, a PD-1/VEGF lung cancer candidate that both firms are developing.

Despite the hopeful trial results, Summit's stock has struggled, and mixed data on ivonescimab have kept investors cautious, prompting the company to abandon the financing move.

The cancellation occurs even as the broader biotech market enjoys a strong rally, with the sector index up more than 30% year‑over‑year, highlighting the specific challenges facing Summit.