Source: Sharecast
Under the terms of the deal, AstraZeneca will buy newly-issued equity in the New York-listed oncology specialist, giving it rights equivalent to around 12% of Summit’s common stock, or around 10.6% on a fully diluted basis.
The tie-up will see the companies collaborate on a series of studies into their cancer treatments. In particular, they will look to accelerate the development of Summit’s ivonescimab, an investigational bispecific antibody, as well as launching a clinical collaboration to evaluate the treatment in combination with sonesitatug vedotin (Sone-Ve). Sone-Ve is a novel antibody drug conjugate (ADC) being developed by AstraZeneca for use in gastrointestinal cancers.
Susan Galbraith, the blue chip’s executive vice president of oncology haematology research and development, said: "A core pillar of our oncology strategy is to broaden the reach of our ADC portfolio, as the backbone of treatment across tumour types with combinations alongside next-generation immunotherapies."
Summit said it was an "exciting new chapter" in ivonescimab’s advancement. Co-chief executive Robert Duggan continued: "This significant investment, as well as the collaboration, is a powerful validation of the potential of ivonescimab. We are proud to welcome AstraZeneca as a strategic investor."
Shares in Summit, which first announced the tie-up overnight, soared 18% in extended after hours trading.
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