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…
AstraZeneca Invests $2$ in Summit Therapeutics
AstraZeneca will invest $2 billion in biotech company Summit Therapeutics to support cancer research. The partnership focuses on ivonescimab, an experimental treatment targeting two cancer-related pathways. The companies plan new clinical trials combining ivonescimab with other therapies. The agreement strengthens collaboration between the companies and provides Summit with significant funding for development.
Astrazeneca invests $2bn in cancer drug tie-up
Astrazeneca has invested $2bn in US pharmaceutical firm Summit Therapeutics as part of a blockbuster cancer research tie-up. The FTSE 100 drugs giant has agreed to buy 109,000 shares in Nasdaq-listed Summit for $18.36 per share as part of the deal. The tie-up will see the two pharma giants collaborate on a series of studies [...]
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