AstraZeneca invests $2 billion in Summit Therapeutics to fund Phase 3 trials of ivonescimab

AstraZeneca has agreed to a $2 billion all‑stock investment in Summit Therapeutics. The deal involves the purchase of preferred shares that can be converted into common stock, but it does not include any licensing of Summit’s PD‑1/VEGF bispecific antibody, ivonescimab.

The funding is intended to carry Summit through Phase 3 clinical trials for ivonescimab, allowing the company to retain full economic rights to the asset in its territories.

Following the announcement, Summit’s share price rose more than 16% to $17.96 at market open. The transaction gives AstraZeneca an indirect stake of roughly 12% of Summit’s common shares.

Analysts note that the investment clears a financing overhang for Summit while giving AstraZeneca a strategic position in the candidate without a full acquisition or license at this stage.