In a surprising move that has shaken the global pharmaceutical industry, Akeso, a relatively unknown biotech company from China, has made an impressive leap into the spotlight with its new lung cancer drug, Ivonescimab. Founded nearly a decade ago, the company stunned the world when its drug outperformed Keytruda, Merck’s groundbreaking lung cancer treatment, in clinical trials. According to data presented at the World Conference on Lung Cancer in September, Ivonescimab kept tumors from growing for 11.1 months, compared to 5.8 months with Keytruda. This stunning success has garnered global attention, as Keytruda has become one of the world’s top-selling medicines, generating over $130 billion in sales for Merck, the American pharmaceutical giant.
Akeso’s breakthrough has sent ripples across the industry, with shares in Summit Therapeutics, Akeso’s partner in North America and Europe, soaring to record highs. The collaboration between Summit Therapeutics and Akeso signals a new chapter in global biotech partnerships. Summit holds the rights to commercialize Ivonescimab in Western markets, meaning the drug could soon challenge Western-developed treatments.
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Akeso’s Ivonescimab is not just a victory for the company but for the entire Chinese biotech industry. For years, Chinese pharmaceutical companies were seen primarily as copycats, replicating existing Western drugs at a lower cost. However, in recent years, the narrative has shifted as companies like Akeso have begun to innovate, developing cutting-edge treatments that rival the best the West has to offer. This evolution has been aided by strong government support, foreign investment, and a growing pool of top-tier talent within China.
The achievement marks a watershed moment for China’s biotech sector, which has rapidly gained recognition for its ability to develop next-generation drugs. While the industry once focused on “me-too” drugs—medications designed to mimic existing Western treatments—Chinese companies are now pushing the envelope with more advanced therapies. In fact, the country has seen an explosion of licensing deals with Western pharmaceutical giants, with agreements reaching $57 billion last year, up from just $4 billion in 2017. Among the notable deals are AstraZeneca’s $1.92 billion partnership with CSPC Pharmaceutical and Merck’s $2 billion agreement with Hansoh Pharmaceutical for a weight-loss pill. These agreements reflect the growing global influence of Chinese biotech firms and their increasing ability to develop products that meet international standards.
Akeso’s success has not gone unnoticed, especially as China’s biotech industry gains ground globally. Michelle Xia, CEO of Akeso, expressed confidence in the company’s future, stating, “I do believe the Chinese biotech industry will play an important role globally. And we [will] participate more and more.” Akeso itself has emphasized that the company’s success stems from its deep understanding of disease biology, protein engineering, and rapid development timelines—all of which are bolstered by China’s robust healthcare system and increasing access to cutting-edge research.
Yet, despite this progress, domestic skepticism about the quality of Chinese-made medicines remains a significant hurdle. Concerns about the safety and efficacy of generic drugs—those that replicate patented treatments—have long existed in China, and these concerns flared up again in January when allegations of substandard Chinese generics led to public outcry. However, China’s health regulator defended the safety of its drugs, stating that the quality issues were unsubstantiated.
In response to the domestic skepticism, Akeso’s Ivonescimab is not a generic drug; it is an entirely new drug, developed with unique mechanisms. Ivonescimab has already received approval from China’s pharmaceutical regulators for use in certain lung cancer patients. However, it still faces regulatory hurdles in the West, including in the U.S., where Akeso will need to conduct further global trials before it can enter the market.
Despite the potential challenges, the global biotech industry is watching closely. The U.S. Food and Drug Administration (FDA) has previously raised concerns about the quality of clinical trial data from China, which has led to the rejection of Chinese drugs in the past. But as the clinical data from Akeso’s trials continues to impress, many experts believe that a successful global trial will solidify the company’s place among the world’s top pharmaceutical firms.
As China’s biotech sector continues to evolve, Akeso’s success is not an isolated event. It reflects a larger trend of rapid innovation taking place within China’s biotechnology sector, which is now positioned to disrupt the global pharmaceutical landscape. Akeso’s breakthrough with Ivonescimab is a symbol of the growing sophistication and capabilities of China’s biotech industry, and the drug’s potential to challenge Western treatments like Keytruda could have far-reaching consequences for the future of cancer treatment worldwide.
China’s biotech industry has long been overshadowed by Western pharmaceutical giants, but as companies like Akeso push the boundaries of drug development, it’s becoming clear that the landscape is changing. Whether the world is ready for a new wave of Chinese-led biotech innovation remains to be seen, but the impact of companies like Akeso is already being felt across the industry. The question now is how quickly the rest of the world will adapt to the growing influence of China in the global healthcare sector.
