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AstraZeneca to invest $2 billion in Summit Therapeutics for cancer drug tie-up
- On Monday, British drugmaker AstraZeneca announced a $2 billion investment in Summit Therapeutics to collaborate on clinical trials testing their cancer treatments together.
- The partnership centers on ivonescimab, a next-generation cancer treatment Summit licensed from China's Akeso that simultaneously blocks PD-1 and VEGF to inhibit tumor growth.
- AstraZeneca will purchase preferred shares at an equivalent price of $18.36 per share, representing an 18.6% premium, prompting Summit's shares to rise over 15% in extended trading.
- Both firms will jointly fund clinical trials combining ivonescimab with AstraZeneca's Sone-Ve and other cancer medicines, with the transaction expected to close by the end of the week.
- AstraZeneca executive vice president Susan Galbraith said combining ivonescimab with the company's antibody drug conjugates portfolio "could enable new regimens that raise the bar for patients with cancer.
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AstraZeneca's $2 Billion Vote of Confidence Leaves Summit Therapeutics Trading Well Below Street Targets
AstraZeneca just locked in a price to own 12% of Summit Therapeutics that the open market refuses to match, and two clinical deadlines in 2026 will determine whether Wall Street or the pharma giant read ivonescimab correctly.
·Lakewood, United States
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AstraZeneca invests $2b in Summit Therapeutics to accelerate cancer drug development - London Business News
AstraZeneca has agreed to invest $2bn (£1.5bn) in US pharmaceutical group Summit Therapeutics as part of a partnership aimed at accelerating the development of an experimental cancer treatment and exploring… The post AstraZeneca invests $2b in Summit Therapeutics to accelerate cancer drug development appeared first on London Business News
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C 67%
R 22%
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