BUZZ-Summit Therapeutics surges as its cancer drug outdoes Merck's

Reuters09-09

** Summit Therapeutics surges 35% premarket, while Merck's shares slide 3.6%

** Summit's ivonescimab therapy shows median of 11.14 months of progression-free survival vs 5.82 months for Merck's Keytruda in its late-stage lung cancer trial in China

** SMMT's experimental therapy reduces tumor progression risk by 49%

** In May, SMMT said its therapy showed statistically significant improvement compared to Merck's, sending its shares soaring 177%

** "We could see some Merck weakness, but don't expect Keytruda to be challenged anytime soon," BMO Capital Markets says

** SMMT soars ~370% YTD vs MRK's ~8% gain, as of last close

(Reporting by Sriparna Roy in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))

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