AstraZeneca Completes $2B Summit Cancer Drug Investment

AstraZeneca has completed a $2 billion strategic equity investment in Summit Therapeutics, buying preferred shares convertible into common stock at a price equivalent to $18.36 per share. The funding is intended to speed development of ivonescimab, an investigational antibody targeting PD-1 and VEGF, including trials combining it with antibody-drug conjugates across several tumor types. The companies are pursuing combinations with sonesitatug vedotin, while a collaboration involving AstraZeneca, Daiichi Sankyo and Summit will study datopotamab deruxtecan in cancers including lung and breast cancer. The FDA accepted Summit’s application for ivonescimab in January 2026 and set a November 14, 2026, action date; the drug has received authorization in China but is not approved in the United States or Europe.