AstraZeneca (LSE:AZN) shares rose 2.0% on Tuesday after the pharmaceutical company announced a $2 billion strategic equity investment in Summit Therapeutics (NASDAQ:SMMT) alongside a clinical collaboration focused on cancer treatments.
Under the investment, AstraZeneca will acquire approximately 12% of Summit’s outstanding common stock through convertible preferred shares at a price equivalent to $18.36 per common share.
The transaction was announced through the London Stock Exchange’s regulatory news service on 29 September 2026.
The investment is linked to the companies’ planned collaboration involving ivonescimab, Summit’s bispecific antibody targeting PD-1 and VEGF.
AstraZeneca and Summit Plan Cancer Combination Trials
Alongside the equity investment, AstraZeneca and Summit entered into a clinical collaboration agreement to evaluate combinations of their oncology treatments.
The companies plan to assess AstraZeneca’s CLDN18.2-targeting antibody-drug conjugate sonesitatug vedotin, or Sone-Ve, in combination with ivonescimab across several gastrointestinal cancer types.
Clinical trials evaluating the combination are expected to begin shortly.
The companies also signed a memorandum of understanding covering potential combinations of ivonescimab with additional AstraZeneca antibody-drug conjugates and other cancer medicines.
The supplied information did not provide financial terms for the broader clinical collaboration beyond AstraZeneca’s $2 billion equity investment.
AstraZeneca Submits Savolitinib-Osimertinib Combination to FDA
Separately, AstraZeneca submitted a New Drug Application to the US Food and Drug Administration for a combination of savolitinib and osimertinib.
The application covers the treatment of MET-driven, EGFR-mutant non-small cell lung cancer and is supported by results from the Phase III SAFFRON study.
The submission represents a regulatory application and does not indicate that the combination has received FDA approval.
AstraZeneca Shares Reach 12,738 Pence
AstraZeneca shares reached 12,738 pence during Tuesday’s session, compared with an opening price of 12,526 pence.
The shares were up 2.0% following the announcements.
The broader FTSE 100 was also higher as UK shop price inflation slowed to 1.4% year on year in September, according to British Retail Consortium data.
At the same time, higher oil prices, rising UK gilt yields and continued US-Iran uncertainty remained among the factors affecting the wider market.
More About AstraZeneca
AstraZeneca (LSE:AZN) is a pharmaceutical company with operations across areas including oncology and other therapeutic categories.
Its agreement with Summit Therapeutics combines an equity investment with planned clinical studies evaluating ivonescimab alongside AstraZeneca oncology treatments.
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