AstraZeneca invests $2 billion in Summit Therapeutics for cancer drug trials

AstraZeneca has completed a $2 billion strategic equity investment in Summit Therapeutics to accelerate the development of ivonescimab, an investigational PD-1/VEGF bispecific antibody. Through a securities purchase agreement, AstraZeneca acquired preferred stock convertible into Summit common stock.

Building on this investment, Summit Therapeutics, AstraZeneca, and Daiichi Sankyo have announced a collaboration to conduct a Phase III clinical trial. The study will test the combination of Datroway and ivonescimab in patients with first-line triple-negative breast cancer.

Ivonescimab, originally engineered by Akeso, is being developed for various solid tumors, including non-small cell lung cancer, colorectal cancer, and urothelial carcinoma. Under the new agreement, the companies will share trial costs while each retains the development and commercial rights to their respective medicines.