Summit surges after AstraZeneca makes $2 billion equity investment

By Reuters News3 hours ago Updated

** Shares of Summit Therapeutics SMMT.O up 18% at $18.2 in extended trading

** AstraZeneca AZN.L will make a $2 billion equity investment in Summit through convertible preferred shares

** Says investment is convertible into common stock at $18.36 per share, representing a premium to the day's closing price

** Co and AstraZeneca entered into a clinical collaboration to evaluate ivonescimab in combination with AstraZeneca's sonesitatug vedotin in gastrointestinal cancers

** Says it plans to evaluate ivonescimab with additional AstraZeneca cancer medicines, including antibody-drug conjugates

** Co says AstraZeneca's investment is expected to close by the end of the week, subject to customary conditions

** Up to last close, SMMT down 11.5% YTD

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