AstraZeneca invests $2 billion in Summit cancer drug partnership

AstraZeneca agreed on September 28, 2026, to invest $2 billion in newly issued convertible preferred shares of Summit Therapeutics at an effective common stock price of $18.36, convertible at 1:1,000, acquiring about 108,955 preferred shares. The firms will jointly fund a trial of ivonescimab combined with sonesitatug vedotin in gastrointestinal cancers, with AstraZeneca sponsoring and both retaining rights to their medicines. They also signed a non-binding memorandum of understanding to explore combining ivonescimab with more AstraZeneca cancer drugs, including its antibody-drug conjugate portfolio. Seeking Alpha and GuruFocus report Summit shares rose more than 17% in extended trading; Investing.com reports a 15% surge. GuruFocus reports AstraZeneca shares gained nearly 1%. The FDA is reviewing Summit's Biologics License Application for ivonescimab in non-small cell lung cancer, with a target PDUFA date of November 14, 2026.