Summit surges after AstraZeneca makes $2 billion equity investment
SMMT•AstraZeneca will invest $2 billion in Summit Therapeutics through convertible preferred shares, convertible into common stock at $18.36 per share. The companies also agreed to evaluate cancer-drug combinations in gastrointestinal cancers.
1. Investment and collaboration
AstraZeneca’s $2 billion investment in Summit is expected to close by the end of the week, subject to customary conditions. The companies will evaluate ivonescimab with AstraZeneca’s sonesitatug vedotin in gastrointestinal cancers, and Summit plans to assess ivonescimab with additional AstraZeneca cancer medicines, including antibody-drug conjugates.
