AstraZeneca (AZN.L) rises after $2 billion equity investment in Summit Therapeutics
AstraZeneca said it will invest $2 billion in Summit Therapeutics via convertible preferred shares at a conversion price of $18.36 per share, an 18.6% premium to its last close; the stock was up 1.5% at £126.8.
8 after the company said it was making a $2 billion equity investment in Summit Therapeutics through convertible preferred shares. 6% premium to the company's last closing price. Analysts at Jefferies said AstraZeneca's equity investment in Summit Therapeutics and global clinical trial deal were strategically smart, giving its oncology ADC portfolio a route to PD-1xVEGF combinations. 5% year to date.