AstraZeneca Finalizes $2 Billion Investment in Summit Therapeutics

07:27 AM EDT, 10/05/2026 (MT Newswires) -- AstraZeneca (AZN.L, AZN.ST) completed a $2 billion equity investment in US-based biopharmaceutical oncology company Summit Therapeutics. The UK-headquartered biopharmaceutical company's investment will accelerate the development of first-in-class bispecific antibody ivonescimab plus antibody-drug conjugates across various tumor types, according to a Monday release. Under the deal, AstraZeneca agreed to purchase 109,000 preferred shares convertible into common stock, with the investment giving it rights equivalent to 12% of Summit's outstanding common stock, or 10.6% on a fully diluted basis.