AstraZeneca invests $2 billion in Summit Therapeutics to advance PD-1xVEGF bispecific ivonescimab with ADC combos

AstraZeneca is committing $2 billion to Summit Therapeutics, acquiring a 12% equity stake at a premium to the biotech's closing price. The funding is aimed at accelerating development of the PD‑1xVEGF bispecific antibody ivonescimab in combination with antibody‑drug conjugates (ADCs).\n\nThe first joint program will pair ivonescimab, already approved in China for several non‑small cell lung cancer indications, with AstraZeneca's CLDN18.2‑directed ADC, sonesitatug vedotin, in gastrointestinal cancers.\n\nThe partnership also includes a non‑binding agreement to explore ivonescimab with other AstraZeneca ADCs, and the companies will co‑fund the clinical trials. Analysts described the deal as a validation of Summit's strategy and a significant cash infusion that preserves the biotech's strategic options.