AstraZeneca to Invest $2 Billion in Summit Therapeutics, Collaborate on Cancer Drugs
By Elias Schisgall
AstraZeneca is investing $2 billion into Summit Therapeutics as part of an expanded partnership between the two companies.
Summit said Monday that AstraZeneca will buy $2 billion of convertible preferred shares, representing a common stock price of $18.36 a share, a 10% premium to the stocks' five-day volume-weighted average price.
Shares of Summit surged 18% to $18.30 in after-hours trading. Shares of AstraZeneca were flat.
In addition to the investment, the two companies also plan to ramp up their collaboration on developing cancer treatments. They signed a clinical collaboration agreement to evaluate AstraZeneca's sonesitatug vedotin in combination with Summit's ivonescimab, with the intention of quickly launching studies for some gastrointestinal cancer indications.
They also signed a non-binding memorandum of understanding outlining a planned agreement to conduct clinical trials combining ivonescimab with several of AstraZeneca's cancer medicines in a range of clinical trials. The agreement is mutually non-exclusive, with each company retaining development and commercial rights and no provisions around royalties, milestones, or revenue- or profit-sharing.
AstraZeneca's investment is expected to close this week.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
September 28, 2026 18:25 ET (22:25 GMT)
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