Financing ·
AstraZeneca makes $2 billion equity investment in Summit Therapeutics for roughly 12% stake
AZNAstrazeneca PLC
AstraZeneca announced a $2 billion equity investment in Summit Therapeutics to accelerate the development of ivonescimab, a first-in-class PD-1/VEGF bispecific antibody. AstraZeneca will purchase approximately 109,000 shares of preferred stock convertible into common stock at a 1:1,000 ratio, resulting in rights equivalent to roughly 12.0% of Summit's outstanding common stock (10.6% fully diluted). The transaction includes a clinical collaboration to evaluate sonesitatug vedotin with ivonescimab in gastrointestinal cancers and an MOU for broader combination trials. Closing is anticipated within one week of the September 29, 2026 announcement. AstraZeneca PLC is a global biopharmaceutical company focused on the discovery, development, and commercialization of prescription medicines.