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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
AstraZeneca will buy about $2 billion of newly issued Summit Therapeutics preferred stock convertible into common shares. The companies also plan a clinical collaboration to evaluate cancer medicines including Sone-Ve and ivonescimab.
The companies also agreed to a clinical trial collaboration to evaluate ivonescimab with sonesitatug vedotin in gastrointestinal cancers. Summit said AstraZeneca’s investment will be in convertible preferred shares.