AstraZeneca completes $2 billion equity investment in Summit Therapeutics
SMMT•AstraZeneca closed a $2 billion strategic equity investment in Summit Therapeutics to support development of ivonescimab, a PD-1/VEGF bispecific antibody.
1. Investment details
AstraZeneca bought about 108,955 shares of Summit preferred stock, convertible into common stock at a 1:1,000 ratio. The implied common stock price was $18.36 per share, a premium to the closing price when the deal was announced.
