AstraZeneca strikes clinical collaboration with Summit to test ADC sonesitatug vedotin with ivonescimab in GI cancers
AZN•AstraZeneca agreed to invest $2 billion in Summit Therapeutics through convertible preferred stock, with rights equivalent to about 12% of its outstanding common stock, or 10.6% on a fully diluted basis. The companies will share costs for clinical trials combining their medicines in gastrointestinal cancers while retaining their respective development and commercial rights.
1. Investment and trials
AstraZeneca agreed to invest $2 billion in Summit Therapeutics through newly issued preferred stock convertible to common shares. Separately, the companies will test AstraZeneca’s Claudin-18.2 ADC sonesitatug vedotin with Summit’s PD-1/VEGF bispecific ivonescimab in gastrointestinal cancers; they will supply their own medicines, share trial costs and retain their respective development and commercial rights.
2. Broader program
A memorandum of understanding targets a broader global program pairing ivonescimab with AstraZeneca oncology drugs, including additional ADCs.
