AsianFin -- In September 2024, Akeso, a relatively obscure Chinese biotech company founded nearly a decade ago, made waves in the biotech world with its groundbreaking lung cancer drug.

The drug, Ivonescimab, outperformed Keytruda, the blockbuster cancer medication from Merck that has brought in over $130 billion in sales for the American pharmaceutical giant. In a clinical trial conducted in China, patients treated with Ivonescimab saw an impressive 11.1 months before their tumors began growing again, compared to just 5.8 months for Keytruda, according to data presented at the World Conference on Lung Cancer, a leading medical forum.

In the days following the announcement, shares in Summit Therapeutics, Akeso’s U.S. partner, surged more than 100%, reaching a record high. Summit had secured the rights to commercialize the drug in North America and Europe.

While experts saw this as a breakthrough moment for Chinese pharmaceutical companies, the news flew under the radar outside the industry—until DeepSeek’s innovations earlier this year brought global attention to China’s growing role in biotech.

“I do believe the Chinese biotech industry will play an important role globally. And we [will] participate more and more,” said Michelle Xia, CEO of Akeso, in a recent interview with BiotechTV.