The immuno-oncology field is experiencing a revolutionary transformation, with the Check Point Inhibitor market projected to reach $58 billion and new bifunctional antibodies challenging established therapies like Keytruda and Opdivo, promising improved efficacy and patient outcomes in cancer treatment.
Keytruda and Opdivo Leadership
Dominating the immuno-oncology landscape, Merck’s (MRK) Keytruda and Bristol Myers Squibb’s (BMY) Opdivo have established themselves as frontrunners in the Check Point Inhibitor market. Keytruda, Merck’s flagship product, is projected to generate $27 billion in sales by 2024, accounting for half of the company’s worldwide revenue. Meanwhile, Opdivo is expected to reach $11 billion in sales during the same period. However, both drugs face patent expirations starting in 2028, opening the door for new competitors and innovative therapies to reshape the market.
Ivoscinumab’s Groundbreaking Results
Summit Therapeutics’ (SMMT) PD1xVEGF bifunctional antibody, ivoscinumab, has emerged as a potential game-changer in the immuno-oncology field. In a head-to-head phase 3 clinical trial for first-line lung cancer treatment, ivoscinumab demonstrated remarkable efficacy, nearly doubling the Progression Free Survival time to 11.4 months compared to Keytruda’s 5.8 months. This breakthrough resulted in Summit’s market capitalization briefly soaring to $23 billion before settling around $13 billion. With Overall Survival data expected in 2025, Jefferies analysts project ivoscinumab could potentially displace Keytruda, with estimated sales ranging from $20 to $40 billion.
Emerging Players in Immuno-Oncology
The race to develop innovative immuno-oncology therapies has attracted numerous players, each bringing unique approaches to the table. BioNTech (BNTX) made a strategic move by acquiring their Chinese partner Biotheus for $800 million upfront and $150 million in milestones. Merck, aiming to protect its Keytruda franchise, invested even more heavily with a $550 million upfront payment and $2.7 billion in milestones for a PD1xVEGF antibody entering phase 1 trials in China.
Several emerging U.S. biotech companies are also joining the competition, with phase I clinical trials expected to begin in 2026:
* Crescent Biopharma announced a reverse merger with Glycomimetics (NASDAQ: GLYC) and secured a $200 million PIPE raise from 17 institutional investors.
* Ottimo Pharma, led by former Novartis Pharma CEO David Epstein, raised $140 million in a series A funding round.
* NAYA Biosciences (NASDAQ: NAYA) recently completed its merger with INVO and is focusing on Hepatocellular carcinoma (HCC), developing a GPC3xNKp46 bifunctional antibody for non-responders to first-line immunotherapy.
Keytruda is approved in 40 oncology indications and there is definitively room for multiple players. Most are focusing on Non-Small Cell Lung Cancer (NSCLC), while NAYA is focusing on Hepatocellular carcinoma (HCC), for which it is also developing a GPC3xNKp46 bifunctional antibody for non-responders to first line immunotherapy. Learn more about NAYA Biosciences at https://www.nayabiosciences.com.
Multiple Licensing And M&A Opps
Many experts expect multiple licensing and M&A transactions in 2025-2027 as large pharma companies are looking to defend their legacy position (Merck, BMS) or to enter a market they missed with the first generation of check point monoclonal antibodies ( AstraZeneca, Novartis, Pfizer, Roche, and many others).
