AstraZeneca buys 12% of Summit Therapeutics for $2 billion

AstraZeneca is putting $2 billion into Summit Therapeutics without taking away Summit’s rights to its own drug. The preferred equity investment represents roughly 12% of Summit’s outstanding common stock, or 10.6% on a fully diluted basis, while the companies jointly fund combination trials. The focus is Summit’s ivonescimab with AstraZeneca’s Sone-Ve, with squamous-lung-cancer data expected in the fourth quarter.