Biopharmaceutical company AstraZeneca plc (STO:AZN) (LON:AZN) (NYSE:AZN) said on Monday that it has completed a USD2bn strategic equity investment in biopharmaceutical oncology company Summit Therapeutics Inc (NASDAQ:SMMT) to support the accelerated development of ivonescimab, an investigational PD-1/VEGF bispecific antibody.

Under the Securities Purchase Agreement, AstraZeneca acquired approximately 108,955 shares of Summit preferred stock convertible into common stock at a 1:1,000 ratio. The investment represents a common stock price of USD18.36 based on the conversion ratio, a premium to Summit's closing trading price when the investment was announced.

The funding will support accelerated development of ivonescimab across multiple solid tumour settings, including combinations with antibody-drug conjugates. These include sonesitatug vedotin (Sone-Ve) and Datroway (datopotamab deruxtecan), under collaborations announced last week.