AstraZeneca commits $2 billion to acquire stake in Summit Therapeutics for cancer collaboration

AstraZeneca has agreed to invest $2 billion in US biotech Summit Therapeutics, purchasing 109,000 shares at $18.36 each, which represents an 18.6% premium to the previous close and yields a 12% ownership stake. The deal, expected to close by the end of the week, creates a collaborative platform for both companies to test ivodescimab—a drug that blocks proteins helping tumours evade immunity and form blood vessels—together with AstraZeneca’s existing cancer medicines.

Summit’s co-chief executive Maky Zanganeh described the agreement as the start of a promising new phase for the firm’s oncology pipeline. AstraZeneca’s executive vice-president of oncology Susan Galbraith said the partnership could enable new regimens that raise the bar for patients. Summit’s stock jumped more than 15% in after-hours trading after the news. The move follows AstraZeneca’s recent share-price dip amid speculation about a potential megamerger with Bristol Myers Squibb.