LONDON (dpa-AFX) - Summit Therapeutics Inc. (SMMT) on Monday announced the closing of AstraZeneca's (AZN) $2 billion strategic equity investment, which will support accelerated development of ivonescimab, an investigational PD-1/VEGF bispecific antibody.
AstraZeneca purchased approximately 108,955 shares of Summit's preferred stock, convertible into common stock at a 1:1,000 ratio. The investment represents a common stock price of $18.36.
Summit said the funds will support ivonescimab development across multiple solid tumor settings, including combinations with antibody-drug conjugates.
Ivonescimab is being evaluated in multiple Phase 3 studies in non-small cell lung cancer, colorectal cancer, urothelial carcinoma and head and neck cancer.
The FDA accepted Summit's BLA for ivonescimab in January 2026, with a PDUFA action date of November 14, 2026. Ivonescimab remains investigational in the U.S. and Europe but was approved in China in May 2024.
SMMT shares Friday's closed at $16.76, up 0.39%. In the premarket, stock is up 0.57% at $16.85.
AZN shares Friday's closed at $156.90, down 0.51%. In the premarket, stock is up 0.55% at $157.77.
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