AstraZeneca is investing $2 billion in Miami-based Summit Therapeutics to acquire a 12% stake and collaborate on cancer treatments. The partnership centers on ivonescimab, an experimental drug licensed from China's Akeso that blocks PD-1 and VEGF. The companies plan to combine ivonescimab with AstraZeneca's medicines, including antibody-drug conjugates for gastrointestinal cancers, as the FDA reviews the drug for lung cancer patients ahead of a mid-November 2026 decision deadline.
Financial terms of the investment
- ▪AstraZeneca Plc agreed to a $2 billion strategic equity investment in Miami-based Summit Therapeutics Inc. to develop cancer drugs, giving it an approximately 12% equity stake, expected to close by the end of the week of September 28, 2026
- ▪AstraZeneca Plc will purchase convertible preferred shares in Summit Therapeutics Inc. at an equivalent price of $18.36 per common share, representing an 18.6% premium to the closing price on September 28, 2026
Summit Therapeutics stock performance
- ▪Summit Therapeutics Inc.'s common stock closed at $15.48 per share on September 28, 2026
- ▪Following AstraZeneca's $2 billion investment announcement on September 28, 2026, Summit Therapeutics Inc. shares rose over 15% in extended and after-hours trading
Clinical evaluation of ivonescimab
- ▪Ivonescimab has drawn criticism because its clinical studies were largely conducted in Asia and did not reflect the typical age distribution for lung cancer
- ▪The U.S. Food and Drug Administration is currently reviewing ivonescimab for certain lung cancer patients, with a decision deadline scheduled for mid-November 2026
Story comments
Loading comments…