AstraZeneca rises after $2 billion equity investment in Summit Therapeutics

By Reuters News

** Shares of AstraZeneca AZN.L up 1.5% at £126.8

** Company makes a $2 billion equity investment in Summit Therapeutics through convertible preferred shares

** Investment is convertible into Summit common stock at $18.36 per share, representing an 18.6% premium to its last closing price

** Analysts at Jefferies said AZN's equity investment in SMMT and global clinical trial deal are strategically smart, giving its oncology ADC portfolio a clear route to PD-1xVEGF combinations

** As of last close, AZN down ~9.5% YTD

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