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By Evie LiuSummit Therapeutics stock jumped about 15% in after-hours trading Monday after pharmaceutical giant AstraZeneca announced a $2 billion investment in the cancer-drug developer, alongside an agreement to collaborate on experimental cancer treatments.AstraZeneca will purchase convertible pr…
By Elias SchisgallAstraZeneca 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…
By Elias SchisgallAstraZeneca 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…
Summit said AstraZeneca will buy preferred shares at an equivalent $18.36 a share and the transaction is expected to close by week-end.
Summit Therapeutics NASDAQ:SMMT said on Monday that British drugmaker AstraZeneca LSE:AZN would invest $2 billion in the company and collaborate on a series of studies testing their cancer treatments together.Summit's shares rose over 15% in extended trading following the announcement.Here are some…
Deal covers newly issued preferred shares convertible into common stock. Closing is expected within one week.
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.
Summit Therapeutics Inc. (NASDAQ:SMMT) today announced key developments important to the company’s progress towards achieving its goal of making a significant difference in the lives of patients with cancer. Specifically, Summit has established agreements with AstraZeneca (LSE/STO/NYSE:AZN) for a s…