THE DRUG INDUSTRY IS HAVING ITS OWN DEEPSEEK MOMENT

Summary from the TLDR newsletter

Summit Therapeutics, a drug company backed by billionaire Bob Duggan, recently announced that its drug had outperformed Merck's Keytruda in a lung cancer trial. Keytruda is the best-selling drug in the pharma industry. Summit had licensed the drug from a little-known Chinese biotech called Akeso. While Summit's drug still needs regulatory approval, the news added billions of dollars to the company's market capitalization and created a watershed moment for the industry.