Zanganeh and Dogan saw the drug’s potential immediately. They committed Summit to a blockbuster deal: $500 million upfront to Axo, with an additional $4.5 billion in performance-based payments contingent on clinical milestones and regulatory approvals.
To outsiders, this may have seemed like another risky biotech bet. But for Zanganeh, it was an informed decision based on experience, science, and necessity. “We knew this could change everything,” he said. “We weren’t just investing in a molecule—we were investing in a lifeline for people who had none.”
Clinical Triumph and Market Impact
Early trial data seemed to validate their hopes. In comparative studies, ivoncimab extended the time patients lived without cancer recurrence to an average of 11.1 months, nearly double the 5.8 months achieved by Keytruda, the world’s best-selling cancer drug. The results were nothing short of groundbreaking.
Investors reacted swiftly. Summit’s stock price soared 575 percent, and Zanganeh, who had reinvested heavily in the company, saw his net worth climb to an estimated $1.5 billion.
But money was never the endgame for Zanganeh. The victory was deeply personal. He had lived through cancer, understood its toll, and now was helping to bring forward a new standard of care. “We’re making decisions quickly because we really want to help all these patients,” he told Forbes. His urgency, he explained, came not from boardroom pressures but from bedsides, diagnoses, and the desperate hope that every cancer patient feels when offered a new chance.
Cultural Crossroads: East Meets West in Biotech
The ivoncimab story also reflects a larger, emerging trend in global pharmaceutical development: the fusion of Western regulatory expertise and capital with Eastern scientific innovation. While Western firms have historically dominated drug development, Chinese biotech companies are rapidly catching up, producing high-quality, innovative therapies at increasingly competitive rates.
Summit Therapeutics, under the leadership of Zanganeh and Dogan, has become a symbol of this new era of cooperation. By bridging the cultural and commercial divide between East and West, they are accelerating access to life-saving medications for global patients. It is not merely a business model—it is a paradigm shift.
The Road Ahead: FDA Approval and Beyond
Now in phase 3 clinical trials, ivoncimab is on track to seek FDA approval by the end of 2025. If successful, it could become one of the most important oncology drugs of the decade. Summit is also exploring its use in other cancer types, including lung, bladder, and colorectal cancers, potentially expanding its reach and impact even further.