AstraZeneca Funds Cancer Trials
AstraZeneca Invests $2 Billion in Summit Therapeutics to Advance Cancer Drug Development
Anonymous
AstraZeneca agreed to invest $2 billion in newly issued convertible preferred shares of Summit Therapeutics, providing funding to accelerate development of Summit’s cancer drug ivonescimab. The companies will jointly fund clinical trials combining ivonescimab with Summit’s antibody-drug conjugate sonesitatug vedotin in gastrointestinal cancers, while retaining rights to their respective medicines; they also plan to explore a broader program pairing ivonescimab with AstraZeneca cancer drugs. Summit shares rose more than 17% in extended trading after the announcement.
Key Points
1
Sonesitatug vedotin is described as a potential global first-in-class antibody-drug conjugate targeting CLDN18.2 and carrying a monomethyl auristatin E (MMAE) payload; it already has several trials underway in gastrointestinal cancers.
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AstraZeneca oncology executive Susan Galbraith said the collaboration fits the company’s strategy of using ADCs as a treatment backbone in combination with next-generation immunotherapies, and pointed to potential for PD-1/VEGF bispecifics in lung, breast and gastrointestinal cancers.
3
The preferred shares are convertible into Summit common shares at a 1:1,000 ratio; the reported transaction terms specify approximately 108,955 preferred shares for $2 billion in gross proceeds.
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