AstraZeneca to invest $2 billion in Summit; ADC and PD-1/VEGF combo trials in GI cancers

AstraZeneca agreed to invest USD 2 billion in Summit Therapeutics via newly issued preferred stock convertible into common shares, implying rights of about 12% of Summit’s outstanding common stock (about 10.6% fully diluted). The MoU also pairs Summit’s Claudin-18.2 ADC sonesitatug vedotin with its PD-1/VEGF bispecific ivonescimab alongside AstraZeneca’s oncology drugs in GI cancers and targets a broader global program.