AstraZeneca rises after $2 billion equity investment in Summit Therapeutics
AZN•AstraZeneca shares rose 1.5% to £126.8 after the company made a $2 billion equity investment in Summit Therapeutics through convertible preferred shares.
1. Investment terms
The investment is convertible into Summit common stock at $18.36 per share, an 18.6% premium to its last closing price. Jefferies analysts said the investment and a global clinical trial deal were strategically smart, giving AstraZeneca’s oncology ADC portfolio a route to PD-1xVEGF combinations.
2. Year-to-date performance
As of the previous close, AstraZeneca shares were down about 9.5% year to date.
