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AstraZeneca backs Summit with $2 billion stake and cancer-drug collaboration

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AstraZeneca agreed to invest $2 billion in Summit Therapeutics through convertible preferred shares, rather than buying the company outright. The shares imply a price of $18.36 per common share—an 18.6% premium to Summit’s closing price on the announcement day. After the investment, AstraZeneca would hold rights equivalent to about 12% of Summit’s outstanding common stock, or roughly 10.6% on a fully diluted basis. The investment is tied to clinical collaboration around ivonescimab, Summit’s cancer drug licensed from China’s Akeso. Ivonescimab targets PD-1 and VEGF, two pathways involved in cancer growth and immune evasion. The companies plan to test ivonescimab with AstraZeneca’s antibody-drug conjugate sonesitatug vedotin in gastrointestinal cancers, and have outlined a broader, nonbinding program to study combinations with other AstraZeneca cancer medicines. Each company retains development and commercial rights to its own medicines, and they will contribute their drugs and ...

Pharma deals spotlight China’s growing role in drug pipelines

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Pharma deal headlines: AstraZeneca backs ivonescimab, Novo licenses Hengrui’s obesity candidate

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Novartis strikes potential $7.8 billion Abogen deal for in vivo autoimmune therapy

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Regeneron plans obesity-drug and cholesterol-therapy combination

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Ultragenyx’s MPS IIIA Gene Therapy Application Validated by EMA

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Talus Bio’s Ptarmigan-1 aims to find drug targets without protein structures

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Foghorn cuts 40% of staff after ending Lilly cancer programs

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BMS fibrosis-trial death raises liver-safety questions, but cause remains uncertain

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CMS finalizes GLOBE model to link some Part B drug rebates to international prices

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Varda raises $251 million to scale pharmaceutical processing in space

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Lilly’s amylin–Zepbound combination shows up to 23.3% weight loss

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Mironid begins dosing in first-in-human ADPKD drug trial

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