Akeso, whose drug ivonescimab was hailed as biotech’s “DeepSeek moment” amid US competition last year, announced better-than-expected clinical results showing it can treat a type of lung cancer commonly found in smokers, potentially expanding its approved uses.

Analysts suggest it could become a backbone therapy in the US$20 billion global non-small cell lung cancer market and have revised their target prices upwards.

The drug’s phase three trial found that ivonescimab reduced the risk of death by 34 per cent, according to a filing with the Hong Kong stock exchange on Monday.

However, its Hong Kong-listed shares dropped 1.86 per cent to HK$115.9 apiece, bucking the market rally as the Hang Seng Index gained about 0.86 per cent on Monday.

In terms of the median overall survival rate – where half of the patients in a control group are still alive – those on ivonescimab lived 27.9 months. This was nearly four months longer than the 23.7 months for patients who were prescribed global oncology developer BeOne’s tislelizumab, which generated US$737 million in global sales in 2025, up 18.6 per cent year on year.

Nearly two-thirds of the patients – 64.7 per cent – were still alive two years after taking ivonescimab, compared with less than half, or 48.6 per cent, in the control group.