AstraZeneca makes $2 billion equity investment in Summit Therapeutics via convertible preferred shares
SMMT•AstraZeneca will invest $2 billion in Summit Therapeutics through convertible preferred shares, priced at $18.36 per common-share equivalent. The deal is expected to close by the end of the week, subject to customary conditions.
1. Investment terms
AstraZeneca will buy about 108,955 preferred shares, convertible into common stock at a 1:1,000 ratio. The investment is priced at $18.36 per common-share equivalent, based on a five-day VWAP plus a 10% premium.
