Miami-based Summit Therapeutics Inc. (Nasdaq: SMMT) secured USD 2 billion from AstraZeneca through a private placement of convertible preferred shares to accelerate development of the PD-1/VEGF bispecific antibody ivonescimab in combination with antibody-drug conjugates.
The investment is paired with a clinical collaboration evaluating ivonescimab with AstraZeneca's Claudin 18.2-targeting ADC sonesitatug vedotin in gastrointestinal cancers, with studies expected to begin imminently. AstraZeneca is expected to sponsor the trials, while the companies will contribute their respective medicines and share development costs.
AstraZeneca will purchase preferred shares convertible into Summit common stock at the equivalent of USD 18.36 per share. Following closing, the investment will represent approximately 12.0% of Summit's outstanding common stock, or around 10.6% on a fully diluted basis.
Ivonescimab, also known as SMT112/AK112, is a PD-1 x VEGF bispecific antibody originally developed by China-based Akeso Inc. Summit holds development and commercialization rights across North and South America, Europe, the Middle East, Africa, and Japan, while Akeso retains rights in other territories.