AstraZeneca (AZN.US) Investment Summit (SMMT.US) was favored by Xiaomo and Citigroup: cancer drug strategies welcome verification

Zhitongcaijing · 2d ago

The Zhitong Finance App learned that after AstraZeneca (AZN.US) announced an investment in the American biotech company Summit Therapeutics (SMMT.US) to cooperate on a new anti-cancer drug, AstraZeneca rose about 2% before the market on Tuesday, and the SMMT increase expanded to about 23%. Analysts at J.P. Morgan and Citibank welcomed the deal, saying it was in line with AstraZeneca's cancer strategy.

According to reports, analysts led by Richard Vosser (Richard Vosser) said in the report that J.P. Morgan Chase (enhanced rating) believes that this investment will enable AstraZeneca to test ivonescimab (ivonescimab) in its own pipeline, including in combination with its own Sone-V and a wider range of cancer combinations, which cover antibody-conjugated drugs (ADC). The bank said that after the investment is completed, AstraZeneca will hold rights equivalent to approximately 12% of Summit's shares.

“This deal is in line with AstraZeneca's move — the company is working to make its expanding ADC portfolio a central pillar of its future oncology treatment program,” said Citibank (Buy Rating).

“We see this deal as a strong external validation of the asset classes of evosemab and PD-1/VEGF bispecific antibodies,” analyst John Yung wrote in the report.