AstraZeneca invests USD 2 billion in Summit Therapeutics for 12% stake

• AstraZeneca agreed to invest USD 2 billion in newly issued equity in Summit Therapeutics to accelerate development of ivonescimab.
• Investment buys about 109,000 preferred shares convertible to common stock at a 1:1,000 ratio.
• Stake equates to about 12% of Summit’s outstanding common stock, or about 10.6% on a fully diluted basis.
• Closing is expected within one week; any future conversion to common stock requires customary regulatory clearances.

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