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AstraZeneca to invest $2 billion in Summit Therapeutics for cancer drug tie-up
- On Monday, British drugmaker AstraZeneca announced a $2 billion investment in Summit Therapeutics to collaborate on clinical trials testing their cancer treatments together.
- The partnership centers on ivonescimab, a next-generation cancer treatment Summit licensed from China's Akeso that simultaneously blocks PD-1 and VEGF to inhibit tumor growth.
- AstraZeneca will purchase preferred shares at an equivalent price of $18.36 per share, representing an 18.6% premium, prompting Summit's shares to rise over 15% in extended trading.
- Both firms will jointly fund clinical trials combining ivonescimab with AstraZeneca's Sone-Ve and other cancer medicines, with the transaction expected to close by the end of the week.
- AstraZeneca executive vice president Susan Galbraith said combining ivonescimab with the company's antibody drug conjugates portfolio "could enable new regimens that raise the bar for patients with cancer.
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AstraZeneca, Merck, Novo deals inject fresh global momentum into Chinese biotech
Shares of Akeso surged after British drug maker AstraZeneca moved to advance the Chinese biotech firm’s flagship cancer drug, while a new deal from US giant Merck further underscored the sector’s global momentum amid easing fears of US curbs. AstraZeneca on Tuesday announced a US$2 billion equity investment in Florida-headquartered Summit Therapeutics, which holds the exclusive rights to develop and commercialise Akeso’s immunotherapy drug ivone…
·Hong Kong, Hong Kong
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Coverage Details
Total News Sources27
Leaning Left2Leaning Right1Center11Last UpdatedBias Distribution79% Center
Bias Distribution
- 79% of the sources are Center
79% Center
14%
C 79%
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