AstraZeneca has agreed to invest USD 2 billion in Summit Therapeutics and will collaborate on clinical trials combining their cancer drugs. The deal centers on Summit’s experimental drug ivonescimab, which is currently under review by the US Food and Drug Administration for a form of lung cancer.
Under the terms, AstraZeneca will purchase newly issued preferred shares convertible into Summit common stock at USD 18.36 per share, above Summit’s Monday closing price of USD 15.48. The investment values Summit at approximately USD 2 billion and will give AstraZeneca rights equivalent to about 12% of Summit’s outstanding common stock (10.6% when including shares potentially issued later). Summit expects the purchase to close by the end of the week, subject to standard conditions.
Summit plans to use the funds to advance ivonescimab, a therapy created by Chinese drugmaker Akeso. Summit holds rights to develop and market the drug in several regions outside China. The drug is already approved for certain lung cancer patients in China but remains experimental in the United States and Europe.
The companies also signed a clinical trial agreement to study ivonescimab alongside AstraZeneca’s sonesitatug vedotin, starting with gastrointestinal cancers. Each company will supply its own drug and share trial costs, retaining rights to their respective treatments. Additionally, a non-binding preliminary agreement outlines potential trials pairing ivonescimab with other AstraZeneca cancer drugs, though a further definitive agreement is required.
Ivonescimab targets PD-1 and VEGF proteins, helping the immune system fight cancer while blocking tumor blood vessel growth. Sonesitatug vedotin is an antibody-drug conjugate designed to deliver a cancer-killing agent to specific cells.
Separately, the FDA is reviewing Summit’s application for ivonescimab combined with chemotherapy in advanced non-small-cell lung cancer patients with EGFR gene mutations who previously received targeted therapy. The FDA target decision date is November 14, 2026. The gastrointestinal cancer trials announced Monday have not yet begun.
Summit Therapeutics shares rose more than 15% in extended trading after the announcement on September 28.
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