On September 28, 2026, Summit Therapeutics Inc. entered into a securities purchase agreement with AstraZeneca Holdings B.V. for a $2 billion strategic equity investment. The company issued approximately 108,955 shares of newly designated Class A Convertible Preferred Stock at a price of $18,356.14 per share. Each preferred share is convertible into 1,000 shares of common stock, implying an effective common stock price of $18.36. The transaction includes a clinical trial collaboration to evaluate sonesitatug vedotin in combination with ivonescimab for gastrointestinal cancers and a non-binding memorandum of understanding to explore further combinations with AstraZeneca's oncology portfolio. Summit Therapeutics Inc. is a biopharmaceutical company focused on the discovery, development, and commercialization of cancer therapies.
