AstraZeneca closes $2 billion equity stake in Summit Therapeutics

AstraZeneca (NYSE: AZN) has completed a $2.0 billion equity investment in Summit Therapeutics Inc. (NASDAQ: SMMT), according to a press release from Summit.

Under the terms of the Securities Purchase Agreement, AstraZeneca purchased approximately 108,955 shares of preferred stock convertible into Summit common stock at a 1:1,000 ratio. The conversion price equates to $18.36 per common share, a premium to the closing trading price on the day the investment was announced.

Summit said the proceeds will support accelerated development of ivonescimab, an investigational PD-1/VEGF bispecific antibody. The drug is being studied across multiple solid tumor indications, including combinations with antibody drug conjugates such as sonesitatug vedotin and Datroway (datopotamab deruxtecan).

Ivonescimab is currently the subject of 16 Phase III clinical studies globally. Summit has submitted a Biologics License Application to the U.S. Food and Drug Administration, which was accepted for filing in January 2026, with a PDUFA target date of November 14, 2026. The drug is not yet approved by any regulatory authority in Summit's license territories, which include the United States and Europe. It received initial marketing authorization in China in May 2024.

"This investment reflects AstraZeneca's confidence in Summit and in ivonescimab's potential to redefine cancer treatment," said Robert W. Duggan, Chairman and Co-Chief Executive Officer of Summit Therapeutics.

Ivonescimab was engineered by Akeso Inc. (HKEX: 9926.HK). Baker Hostetler LLP served as legal advisor to Summit.

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