AstraZeneca commits $2 billion to Summit alongside cancer-trial collaboration
AstraZeneca ($AZN) has agreed to invest $2 billion in Summit Therapeutics ($SMMT) through preferred shares convertible into common stock at an effective $18.36 per share. Approximately 108,955 preferred shares would each convert into 1,000 common shares. The companies also signed a clinical collaboration to test Summit’s ivonescimab with AstraZeneca’s sonesitatug vedotin in gastrointestinal cancers, sharing study costs while retaining rights to their own medicines. The financing would materially
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