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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.
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.
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…