MIAMI, Oct 5 — Summit Therapeutics Inc. (NASDAQ: SMMT) today announced the successful closing of AstraZeneca’s (LSE/STO/NYSE: AZN) strategic equity investment in Summit. The equity investment will support continued acceleration of the development of ivonescimab, a novel, potential first-in-class investigational PD-1 / VEGF bispecific antibody.
Pursuant to the terms of the Securities Purchase Agreement entered into by Summit and AstraZeneca, AstraZeneca purchased an aggregate of approximately 108,955 shares of preferred stock convertible into shares of common stock of Summit at a 1:1,000 ratio. The investment by AstraZeneca totaled $2.0 billion. At the conversion ratio, the investment represents a common stock price equal to $18.36, representing a premium over the closing trading price on the day the investment was announced. For additional details on the financial terms, please refer to the Summit press release issued on September 28, 2026.
“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. “We share a resolute vision for what may be possible for patients, and this strategic relationship strengthens our ability to pursue that vision with urgency, purpose, and an unwavering commitment to meaningfully improving outcomes.”
The additional funds will allow for the accelerated development of ivonescimab across a number of solid tumor settings, including combinations with antibody drug conjugates (ADCs) such as those collaborations announced last week with sonesitatug vedotin (Sone-Ve) and Datroway® (datopotamab deruxtecan).
Baker Hostetler LLP is serving as legal advisor to Summit.
