Akeso

Akeso is a Chinese biopharmaceutical company headquartered in Zhongshan, Guangdong, focused on the discovery, development, manufacturing and commercialization of innovative antibody medicines. Its principal areas of activity include oncology, tumor immunotherapy, immunology and other serious diseases. The company has built capabilities across antibody discovery, molecular engineering, preclinical research, clinical development and pharmaceutical manufacturing, allowing it to advance programs from laboratory research toward regulatory approval and commercial supply. The company was founded in 2012 by Michelle Xia and three other co-founders. Akeso was established at a time when relatively few Chinese laboratories had the capability to originate drug candidates independently. Its early operations were modest: the founders reportedly raised less than US$3 million in venture capital, rented office space and recruited an initial research team. The founders did not initially draw salaries, reflecting the capital constraints and long development timelines typical of early-stage biotechnology ventures. Akeso’s technology and product strategy has emphasized antibody medicines, including conventional monoclonal antibodies and bispecific antibodies designed to engage two biological targets or pathways. Its oncology portfolio has included medicines directed at immune checkpoints such as PD-1 and CTLA-4, as well as programs combining immune modulation with mechanisms related to tumor blood-vessel formation. This approach has positioned the company around differentiated immuno-oncology products rather than a broad generic-drug or traditional chemical-pharmaceutical business. A significant early turning point came in 2015, when Merck & Co. obtained worldwide development and commercialization rights for Quavonlimab, an Akeso cancer-treatment antibody. The licensing transaction provided external validation, development resources and greater visibility for the young company. Akeso subsequently expanded its research and development operations and progressed several antibody candidates through clinical testing. Its portfolio came to include Cadonilimab, a PD-1/CTLA-4 bispecific antibody, Penpulimab, a PD-1 monoclonal antibody, and Ivonescimab, a PD-1/VEGF bispecific antibody. Akeso completed its initial public offering in April 2020 and became listed on the Hong Kong Stock Exchange under ticker 9926.HK. The listing supplied a public capital base for continued clinical development, manufacturing investment and commercialization. The company has since evolved from a research-led biotechnology start-up into a biopharmaceutical company with marketed or regulatory-stage products and a broader clinical pipeline. Ivonescimab has become Akeso’s most prominent international development program. Results reported from a China-based study in September 2024 were described as showing the medicine outperforming Keytruda on the study’s primary measure, attracting attention as an example of Chinese-origin innovation in oncology. Later evidence discussed through September 2025 had not established a sufficiently strong overall-survival benefit for United States approval in the relevant patient population, so the product’s international regulatory and commercial trajectory remained subject to additional clinical and regulatory assessment. In April 2025, the United States Food and Drug Administration was reported to have approved Penpulimab, making it the first Akeso product approved by a United States regulator. Product approvals and commercial availability can differ by indication and jurisdiction; current regulatory status should therefore be checked against company announcements and official agency records. Akeso’s broader positioning remains that of an innovation-focused antibody company seeking to translate internally discovered molecules into differentiated medicines through a mixture of proprietary development and external partnerships.

Akeso was founded in 2012 by Michelle Xia and three other co-founders in Zhongshan, Guangdong, with the aim of discovering and developing innovative antibody medicines. The company began during a period when China had relatively few laboratories capable of originating drug candidates independently. Its founders reportedly raised slightly less than US$3 million in venture capital, rented an office and recruited an initial research workforce. The founders initially worked without salaries, reflecting the company’s early-stage financial constraints. From the beginning, Akeso concentrated on antibody discovery and development rather than on established generic medicines. It developed capabilities covering antibody screening, engineering, preclinical studies, clinical development and manufacturing. The company’s research emphasis included oncology and immunology, especially medicines designed to modify immune responses against tumors. Its platform supported both monoclonal antibodies and bispecific antibodies, the latter intended to connect or inhibit two biological targets within one therapeutic molecule. In 2015, Akeso entered a major licensing arrangement with Merck & Co. covering worldwide rights to develop and commercialize Quavonlimab, an oncology antibody. The transaction gave Akeso outside validation and helped it expand its organization and development activities. The company continued to progress a portfolio of internally discovered or developed candidates, including Penpulimab, a PD-1 monoclonal antibody; Cadonilimab, a PD-1/CTLA-4 bispecific antibody; and Ivonescimab, a PD-1/VEGF bispecific antibody. Akeso went public in April 2020 through an initial public offering on the Hong Kong Stock Exchange. The listing marked its transition from a privately financed biotechnology company to a public biopharmaceutical issuer and provided a broader funding base for clinical trials, manufacturing and commercialization. Over time, its activities expanded from early discovery into a more integrated business with regulatory-stage and commercial products alongside a continuing clinical pipeline. Ivonescimab became the company’s most visible international program. In September 2024, results from a China-based trial were reported as favorable to Ivonescimab compared with Keytruda on the study’s reported endpoint. The result was viewed as notable for Chinese pharmaceutical innovation and for the development of differentiated immuno-oncology products. Subsequent evidence discussed through September 2025 had not shown a sufficiently strong overall-survival benefit for approval in the United States in the relevant patient population, leaving the product’s wider regulatory path dependent on further data and agency review. In April 2025, Penpulimab was reported to have received United States Food and Drug Administration approval, making it the first Akeso product described as approved by a United States regulator. Akeso therefore combines a Chinese research and operating base with ambitions for international product development, licensing and commercialization. Its continuing corporate identity is tied to antibody innovation, oncology immunotherapy and the conversion of proprietary biological research into regulated medicines.

1. 2025Penpulimab receives reported United States approval

   Penpulimab is reported to have received FDA approval, described as the first approval of an Akeso product by a United States regulator.

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2. 2024Ivonescimab demonstrates a favorable China trial result

   Reported results from a China-based study describe Ivonescimab as outperforming Keytruda on the study’s reported endpoint.

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3. 2020Hong Kong listing

   Akeso completes its initial public offering and becomes listed on the Hong Kong Stock Exchange.

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4. 2015Merck licenses Quavonlimab rights

   Merck & Co. obtains worldwide rights to develop and commercialize Quavonlimab, providing Akeso with validation and resources for expansion.

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5. 2012Akeso is founded

   Michelle Xia and three other co-founders establish Akeso in China to discover and develop innovative antibody medicines.

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An innovation-led biopharmaceutical company centered on antibody engineering and differentiated cancer immunotherapies, with additional activity in immunology and other serious diseases.

• CadonilimabBispecific antibody

  Cadonilimab is an Akeso-developed PD-1/CTLA-4 bispecific antibody for cancer immunotherapy. By combining two immune-checkpoint targets in one molecule, it represents Akeso’s strategy of developing differentiated antibody formats for tumor treatment.

• IvonescimabBispecific antibody

  Ivonescimab is an Akeso-developed PD-1/VEGF bispecific antibody for oncology. Its design combines immune-checkpoint inhibition with a mechanism associated with tumor angiogenesis, making it one of the company’s most prominent clinical and international development programs.

• PenpulimabMonoclonal antibody

  Penpulimab is a PD-1 monoclonal antibody in Akeso’s oncology portfolio. It is associated with the company’s movement from antibody discovery and clinical development toward regulatory approval and commercialization, and was reported as the first Akeso product approved by a United States regulator.

• QuavonlimabOncology antibody

  Quavonlimab is an oncology antibody for which Merck & Co. obtained worldwide development and commercialization rights from Akeso in 2015. The licensing transaction was an important early validation of Akeso’s antibody-discovery capabilities.

• 2024Advance Ivonescimab as a differentiated immuno-oncology therapyOther

  Akeso sought to distinguish its oncology portfolio through a bispecific antibody combining PD-1 and VEGF-related mechanisms.

  What changed. The company advanced Ivonescimab through clinical development and reported favorable results against Keytruda on the endpoint described for a China-based study.

  Aftermath. The result increased attention on Akeso and Chinese-origin oncology innovation, although later evidence had not established a sufficiently strong survival benefit for United States approval in the relevant population.

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• 2020Become a Hong Kong-listed biopharmaceutical companyStrategy

  Akeso required a broader capital base to fund clinical development, manufacturing and the progression of multiple antibody programs.

  What changed. Akeso completed an initial public offering and listed on the Hong Kong Stock Exchange under ticker 9926.HK.

  Aftermath. The listing expanded the company’s access to public-market financing and marked its development from a privately funded biotechnology start-up into a public biopharmaceutical company.

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• 2015License worldwide Quavonlimab rights to MerckM&A

  Akeso was an early-stage antibody company seeking external validation, development resources and a route for international commercialization.

  What changed. The company entered a licensing arrangement under which Merck & Co. obtained worldwide rights to develop and commercialize Quavonlimab.

  Aftermath. The transaction strengthened Akeso’s credibility and supported organizational expansion, while placing development and commercialization of the licensed program in a partnership structure.

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• 2025Later Ivonescimab evidence leaves United States approval prospects unresolved

  Further studies discussed through September 2025 had not demonstrated a sufficiently strong survival benefit for United States approval in the relevant study population.

  RegulationOther
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• 2025United States regulator approves Penpulimab

  Penpulimab was reported as approved by the United States Food and Drug Administration, described as the first Akeso product to receive approval from a United States regulator.

  Product launchRegulation
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• 2024Ivonescimab reports favorable comparison with Keytruda in China study

  Results reported from a China-based study were described as showing Ivonescimab outperforming Keytruda on the study’s reported endpoint, increasing attention on Akeso’s oncology pipeline.

  Product generationOther
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• 2020Akeso completes Hong Kong initial public offering

  Akeso became a publicly listed company on the Hong Kong Stock Exchange following its initial public offering.

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1. Akeso
2. Akeso corporate website