Biopharmaceutical company AstraZeneca plc (STO:AZN) (LON:AZN) (NYSE:AZN) said on Monday that it has completed a USD2bn strategic equity investment in biopharmaceutical oncology company Summit Therapeutics Inc (NASDAQ:SMMT) to support the accelerated development of ivonescimab, an investigational PD-1/VEGF bispecific antibody.
Under the Securities Purchase Agreement, AstraZeneca acquired approximately 108,955 shares of Summit preferred stock convertible into common stock at a 1:1,000 ratio. The investment represents a common stock price of USD18.36 based on the conversion ratio, a premium to Summit's closing trading price when the investment was announced.
The funding will support accelerated development of ivonescimab across multiple solid tumour settings, including combinations with antibody-drug conjugates. These include sonesitatug vedotin (Sone-Ve) and Datroway (datopotamab deruxtecan), under collaborations announced last week.
Innovent expands global Phase 3 study of IBI363/TAK-928 to include non-squamous NSCLC
FDA approves WELIREG and LENVIMA combination for previously treated advanced renal cell carcinoma
AstraZeneca's IMFINZI combination receives US Priority Review for muscle-invasive bladder cancer
UChicago Medicine completes construction phase of new cancer facility
FDA Advisory Committee votes in favour of GRAIL's Galleri multi-cancer early detection test
Astellas doses first patient in Phase 3 lung cancer study
X-Chem and Relay Therapeutics collaborate on Phase 3 milestone
BoomRay enters exclusive radioligand therapy asset global license agreement with Novartis
AbbVie and Iambic agree collaboration for discovery and development of small molecule therapies
Grunenthal to acquire Stivarga cancer treatment
Precigen announces FDA platform technology designation for AdenoVerse
Enhertu recommended for EU approval in early HER2-positive breast cancer
PureTech receives FDA Fast Track designation for LYT-200 in HR-MDS
Coiled Therapeutics completes enrolment in two AO-252 formulation cohorts