Summit Therapeutics, Inc. shares rebounded in after-hours trading on Monday after a 14% selloff during regular hours, with retail sentiment surging on news of a major clinical trial collaboration with Pfizer.

Pfizer has teamed up with Summit Therapeutics to assess whether one of the industry’s hottest cancer candidates works well with its antibody-drug conjugates (ADCs). Miami-based Summit holds the rights to the PD-1xVEGF bispecific ivonescimab in territories including the U.

Pfizer partners with Summit Therapeutics to advance cancer treatments using ADCs and ivonescimab. Click here to find out why PFE stock is a Buy.

The partners will test Summit’s ivonescimab alongside Pfizer’s antibody-drug conjugates in hopes of finding “potentially landscape-changing combinations.”

Summit's Co-CEOs, Bob Duggan and Dr. Maky Zanganeh, expressed optimism about the collaboration's ability to accelerate the development of ivonescimab, particularly in non-small cell lung cancer and other solid tumors. They emphasized the importance of novel mechanisms in making a significant impact for cancer patients and physicians.