Recently, the shares of Summit Therapeutics nearly doubled, bringing the market value of this biotechnology company to $17 billion. Following this surge, its Iranian co-CEO, Maky Zanganeh, became a billionaire by holding about 5% of the company’s shares. She is now one of three women who have amassed a billion-dollar fortune in the health and healthcare sector in the United States. According to Forbes, Summit Therapeutics, founded 21 years ago, has only 120 employees and has had no revenue or approved drugs. However, following positive news about the company’s lung cancer drug in the past two weeks, its market value has increased. This has made Maky Zanganeh one of America’s 34 self-made female billionaires.
Maky Zanganeh, born in Tehran in 1970, has had a remarkable journey that has led her to this milestone. She earned her Dental Degree of Surgery (DDS) from Louis Pasteur University in Strasbourg, France, and later obtained her MBA from Schiller International University in France. Her early career included focusing on pediatric dentistry before she transitioned to the biotechnology sector, motivated by a desire to make a broader impact on society.
Zanganeh’s professional journey includes pivotal roles at several prominent companies. She served as Chief Operating Officer at Pharmacyclics, where she played a crucial role in developing and commercializing ibrutinib, a treatment for blood cancers. Under her leadership, Pharmacyclics secured a multimillion-dollar collaboration with Johnson & Johnson and sold to AbbVie for $21 billion in 2015, marking one of the world’s largest biopharma sales. Her accomplishments have earned her numerous accolades, including recognition as one of the Top 10 Influential Chief Operating Officers in 2021 and the Fierce Biotech “Top Women in Biotech” award in 2013.
The increase in Summit’s stock began on September 9th, a day after lung cancer drug trial data was presented at the World Lung Cancer Conference. This trial showed that in non-small cell lung cancer (the most common type of lung cancer), summit’s drug, Ivonescimab, performed better than Keytruda; Keytruda is a best-selling drug with sales of $25 billion last year. The data presented on September 8th was based on a trial conducted in China. For the US Food and Drug Administration (FDA) to approve Ivonescimab, Summit Therapeutics must conduct a global phase 3 trial, which may take 28 months or more. Analysts do not forecast any revenue for Summit until 2025.
Maky Zanganeh states, “The big news is that we can defeat Keytruda.” In December 2022, Summit received the Ivonescimab license for $500 million from Akeso in Hong Kong. Summit now has the rights to sell this drug in the United States, Canada, Europe, Japan, Latin America, Africa, and the Middle East.
The significance of this news extends beyond Zanganeh’s success; it underscores a broader trend in biotechnology where female leaders are increasingly making their mark in a traditionally male-dominated industry. Her story resonates with many aspiring entrepreneurs and women in business, showcasing how innovative leadership can lead to advancements in healthcare. Furthermore, the paternal approval of Ivonescimab could revolutionize treatment options for lung cancer patients, offering hope where few alternatives exist.
Watch: Bob Duggan and Maky Zanganeh, Summit Therapeutics co-CEOs, join ‘Fast Money’ to discuss the new lung cancer treatment.
I believe that Maky’s insights and achievements can serve as a beacon for aspiring biotechnologists and established professionals alike, fostering a spirit of innovation and excellence in our field.
A good introduction about this successful Iranian woman
Truly inspiring seeing a fellow Iranian making waves and amassing such wealth in such a short amounbt of time. Hats off to her and more power to her!
What an honor to see Iranian women being so inspiring.