11:27 PM EDT, 09/28/2026 (MT Newswires) -- AstraZeneca (AZN.L, AZN.ST) agreed to acquire 109,000 preferred stock convertible into shares of biopharmaceutical oncology company Summit Therapeutics for $2 billion, according to a Monday release. The European biopharmaceutical company said the capital injection, expected to close within a week, will be used to advance the development of novel, potential first-in-class bispecific antibody ivonescimab plus antibody-drug conjugates across various tumor types. The collaboration covers the development of sonesitatug vedotin plus ivonescimab for gastrointestinal cancers. AstraZeneca said trials of the combination formulation will begin imminently, with both parties agreeing to a joint contribution for trial costs and the retention of rights to their respective medicines. The companies are also exploring the potential development of ivonescimab in combination with AstraZeneca's cancer medicines, including other antibody-drug conjugates.

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