AstraZeneca invests $2 billion in Summit Therapeutics for 12% stake
SMMT•AstraZeneca agreed to invest $2 billion in newly issued Summit Therapeutics equity to accelerate ivonescimab development, for a stake of about 12% of common stock outstanding after closing.
1. Investment terms
AstraZeneca agreed to buy about 109,000 newly issued preferred shares, convertible into common stock at a 1:1,000 ratio. After closing, its stake is expected to equal about 12.0% of Summit’s common stock outstanding, or about 10.6% on a fully diluted basis. Closing is expected within one week; later conversion to common stock requires customary regulatory clearances.
