AstraZeneca invests USD 2 billion in Summit Therapeutics for 12% stake
SMMT•AstraZeneca agreed to invest USD 2 billion in newly issued Summit Therapeutics equity to accelerate development of ivonescimab, for a stake of about 12% of outstanding common stock or 10.6% on a fully diluted basis.
1. Investment details
AstraZeneca agreed to buy about 109,000 preferred shares, convertible into common stock at a 1:1,000 ratio. The closing is expected within one week; any future conversion to common stock requires customary regulatory clearances.
