Summit surges after AstraZeneca makes $2 billion equity investment

AstraZeneca

28/09/2026 22:54

** Shares of Summit Therapeutics SMMT.O up 18% at $18.2 in extended trading 
** AstraZeneca AZN.L will make a $2 billion equity investment in Summit through convertible preferred shares
** Says investment is convertible into common stock at $18.36 per share, representing a premium to the day's closing price
** Co and AstraZeneca entered into a clinical collaboration to evaluate ivonescimab in combination with AstraZeneca's sonesitatug vedotin in gastrointestinal cancers
** Says it plans to evaluate ivonescimab with additional AstraZeneca cancer medicines, including antibody-drug conjugates
** Co says AstraZeneca's investment is expected to close by the end of the week, subject to customary conditions
** Up to last close, SMMT down 11.5% YTD 

(Reporting by Varun Sahay in Bengaluru)
((Varun.sahay@thomsonreuters.com))