{"success":true,"data":{"pressRelease":{"id":"154641","rtpr_id":"nBwbSfQv6a-20260928","ticker":"SMMT","exchange":"NASDAQ","all_tickers":["SMMT"],"title":"AstraZeneca Makes $2 Billion Strategic Equity Investment in Summit Therapeutics","author":"Business Wire","published_at":"2026-09-28T21:30:00.096Z","article_body":"AstraZeneca Makes $2 Billion Strategic Equity Investment in Summit\nTherapeutics\n\nInvestment in Preferred Shares Convertible to Common Equity, Equivalent to a\nPer-Share Price of Summit’s Common Stock of $18.36, Representing a Premium\nover Today’s Closing Trading Price\n\nSummit Also Enters into Clinical Trial Collaboration with AstraZeneca to\nEvaluate Ivonescimab in Combination with Sonesitatug Vedotin in Multiple\nGastrointestinal Cancers\n\nSummit & AstraZeneca Plan to Enter into a Clinical Trial Collaboration\nCombining Ivonescimab with Multiple AstraZeneca ADCs and Other Cancer\nMedicines\n\nSummit Therapeutics Inc. (Nasdaq: SMMT) today announced key developments\nimportant to the company’s progress towards achieving its goal of making a\nsignificant difference in the lives of patients with cancer. Specifically,\nSummit has established agreements with AstraZeneca (LSE/STO/NYSE: AZN) for a\nstrategic equity investment in Summit and a clinical collaboration focused on\nivonescimab and sonesitatug vedotin (sone-ve). Moreover, Summit and\nAstraZeneca intend to evaluate ivonescimab with an additional set of\nAstraZeneca’s cancer medicines, including other antibody drug conjugates\n(ADCs). Ivonescimab is a novel, potential first-in-class investigational PD-1\n/ VEGF bispecific antibody.\n\nAstraZeneca Equity Investment in Summit\n\nSummit and AstraZeneca have entered into an agreement whereby AstraZeneca will\nmake an equity investment of $2.0 billion in convertible preferred shares. At\nthe conversion ratio, the investment represents a common stock price equal to\n$18.36 representing a premium over today’s closing price.\n\n“This significant investment, as well as the collaboration, is a powerful\nvalidation of the potential of ivonescimab,” said Robert W. Duggan, Chairman\nand Co-Chief Executive Officer of Summit Therapeutics. “We are proud to\nwelcome AstraZeneca as a strategic investor as we continue to work with\npurposeful urgency to make a significant difference for patients with cancer\nby improving outcomes.”\n\nSummit – AstraZeneca Clinical Trial Collaboration: Ivonescimab and Sone-Ve\n\nSummit entered into a clinical collaboration agreement with AstraZeneca to\nevaluate sonesitatug vedotin in combination with ivonescimab with the intent\nto start studies in certain gastrointestinal (GI) cancer settings imminently.\nSone-ve is a potential global first-in-class Claudin 18.2-targeting ADC with\nseveral ongoing trials underway in GI cancers.\n\nUnder the terms of the clinical collaboration agreement, each company will\ncontribute their respective compound for the combination studies to be\nconducted, and the parties will jointly contribute to the costs of such\nstudies, which are intended to be sponsored by AstraZeneca. Each company will\nretain development and commercial rights to their respective molecules.\n\n“The developments announced today with AstraZeneca open an exciting new\nchapter in the advancement of ivonescimab,” said Dr. Maky Zanganeh,\nPresident and Co-Chief Executive Officer of Summit Therapeutics. “With a\ngrowing body of evidence supporting ivonescimab’s differentiated PD-1 / VEGF\nbispecific approach, we look forward to further broadening the development\nplan of ivonescimab and initiating new clinical trials exploring the potential\nto combine ivonescimab with promising novel anti-cancer compounds, including\nADCs, to bring together complementary approaches to tumor-cell killing,\nantitumor immunity, and the tumor microenvironment.”\n\nAstraZeneca recently reported positive high-level results from the\nCLARITY-Gastric01 trial for sone-ve in 2nd and later-line Claudin18.2-positive\nadvanced gastric cancers demonstrating a statistically significant and\nclinically meaningful improvement in overall survival (OS) versus\ninvestigator’s choice of therapy. Results from this trial will be presented\nat the European Society for Medical Oncology Congress 2026 in a Presidential\nSymposium alongside the HARMONi-GI1 trial, an Akeso-sponsored trial from China\nin which ivonescimab plus chemotherapy demonstrated a statistically\nsignificant and clinically meaningful improvement in OS vs. durvalumab plus\nchemotherapy in first-line advanced biliary tract cancer.\n\nPlanned Summit – AstraZeneca Clinical Trial Collaboration: Ivonescimab and\nAZ’s Cancer Medicines\n\nFinally, Summit and AstraZeneca have executed a non-binding Memorandum of\nUnderstanding whereby the two companies intend to enter into an agreement to\nconduct clinical trials combining ivonescimab with multiple AstraZeneca’s\ncancer medicines, including its leading portfolio of ADCs. The companies\nintend to share clinical development costs of potential future studies. Each\ncompany will retain their current development and commercial rights to their\nrespective molecules, and the agreement is mutually non-exclusive. There are\nno additional financial considerations associated with milestones, royalties,\nrevenue-sharing, or profit-sharing.\n\n“A core pillar of our oncology strategy is to broaden the reach of our ADC\nportfolio as the backbone of treatment across tumor types with combinations\nalongside next-generation immunotherapies,” said Susan Galbraith, Executive\nVice President, Oncology Haematology R&D, AstraZeneca. “Bispecifics\ntargeting PD-1 and VEGF are rapidly advancing in development and have the\npotential to improve on current immunotherapies, particularly in lung, breast\nand gastrointestinal cancers. This opportunity to combine ivonescimab with\nAstraZeneca’s ADC portfolio, including with sone-ve, could enable new\nregimens that raise the bar for patients with cancer across the treatment\nlandscape.\"\n\nThe Memorandum of Understanding with respect to the potential clinical trial\ncollaboration between Summit and AstraZeneca is non-binding, and there can be\nno assurances that the intended clinical trial collaboration comes to\nfruition.\n\nFinancial Terms of AstraZeneca Equity Investment\n\nUnder the terms of the Share Purchase Agreement entered into by Summit and\nAstraZeneca, AstraZeneca will purchase an aggregate of approximately 108,955\nshares of preferred stock convertible into shares of common stock of Summit at\na 1:1,000 ratio. The total investment by AstraZeneca will be $2.0 billion. At\nthe conversion ratio, the investment represents a common stock price equal to\n$18.36, the volume weighted-average price (VWAP) for the five trading days\nfrom the prior week plus 10%. Closing of the transaction is subject to\ncustomary conditions and is expected to occur by the end of this week.\n\nThe securities described above have not been registered under the Securities\nAct of 1933, as amended. Accordingly, these securities may not be offered or\nsold in the United States, except pursuant to an effective registration\nstatement or an applicable exemption from the registration requirements of the\nSecurities Act. Summit has agreed to file a registration statement with the\nSecurities and Exchange Commission (SEC) registering the resale of the shares\nof common stock following the closing of the securities purchase agreement.\n\nThis press release shall not constitute an offer to sell or the solicitation\nof an offer to buy these securities, nor shall there be any sale of these\nsecurities in any state or other jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to the registration or\nqualification under the securities laws of any such jurisdiction.\n\nAbout Ivonescimab\n\nIvonescimab, known as SMT112 in Summit’s license territories, North America,\nSouth America, Europe, the Middle East, Africa, and Japan, and as AK112\noutside of Summit’s license territories, is a novel, potential\nfirst-in-class investigational bispecific antibody combining the effects of\nimmunotherapy via a blockade of PD-1 with the anti-angiogenesis effects\nassociated with blocking VEGF into a single molecule. By design, ivonescimab\ndisplays unique cooperative binding to each of its intended targets with\nmultifold higher affinity to PD-1 when in the presence of VEGF.\n\nThis design is intended to differentiate ivonescimab as there is potentially\nhigher expression (presence) of both PD-1 and VEGF in tumor tissue and the\ntumor microenvironment (TME) as compared to normal tissue in the body. Summit\nbelieves ivonescimab’s specifically engineered tetravalent structure (four\nbinding sites) enables higher avidity (accumulated strength of multiple\nbinding interactions) in the TME (Zhong, et al, iScience, 2025). This\ntetravalent structure, the intentional novel design of the molecule, and\nbringing these two targets into a single bispecific antibody with cooperative\nbinding qualities have the potential to direct ivonescimab to the tumor tissue\nversus healthy tissue. The intent of this design, together with a half-life of\n6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to\napproximately 10 days at steady state dosing, is to improve upon previously\nestablished efficacy thresholds, side effects, and safety profiles associated\nwith prior approved drugs to these targets.\n\nIvonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently\nutilized in multiple Phase III clinical trials. Over 5,000 patients have been\ntreated with ivonescimab in clinical studies globally, and over 100,000\npatients when considering those treated in a commercial setting in China, as\nnoted by Akeso.\n\nThere are currently 16 Phase III clinical studies that are either announced,\nongoing, or have been completed studying ivonescimab, five of which are\nSummit-sponsored global studies, one of which is a multiregional study\nsponsored by a cooperative group, and 10 of which are being or have been\nconducted in China by Akeso. Summit began its clinical development of\nivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase\nIII clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling\npatients in HARMONi-7. Summit expanded its Phase III clinical development\nprogram into colorectal cancer (CRC) in the fourth quarter of 2025 by\ninitiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of\nHARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer)\nwith global clinical trial site activations planned to begin by the fourth\nquarter of 2026.\n\nHARMONi is a Phase III clinical trial evaluating ivonescimab combined with\nchemotherapy compared to placebo plus chemotherapy in patients with\nEGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were\npreviously treated with a third-generation EGFR TKI (e.g., osimertinib).\nDetailed results of the study were provided in September 2025, and a Biologics\nLicense Application (BLA) was submitted to the United States Food and Drug\nAdministration (FDA) for marketing authorization, which the FDA accepted for\nfiling in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date\nis November 14, 2026.\n\nHARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with\nchemotherapy compared to pembrolizumab combined with chemotherapy in patients\nwith first-line metastatic, squamous or non-squamous NSCLC, irrespective of\nPD-L1 expression. The clinical trial is evaluating the two histologies as\nindividual, separately powered cohorts with independent statistical powering.\n\nHARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy\ncompared to pembrolizumab monotherapy in patients with first-line metastatic\nNSCLC whose tumors have high PD-L1 expression.\n\nHARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in\ncombination with chemotherapy compared with bevacizumab plus chemotherapy in\npatients with first-line unresectable metastatic CRC.\n\nHARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the\nantibody drug conjugate (ADC) enfortumab vedotin (EV) compared to\npembrolizumab plus EV as first-line therapy in patients with previously\nuntreated locally advanced or metastatic urothelial carcinoma (la/mUC).\n\nILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group\ndedicated to Head and Neck Oncology, in recurrent / metastatic head and neck\nsquamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III\nclinical trial designed to evaluate ivonescimab monotherapy, as well as\nivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47\nmonoclonal antibody, compared to monotherapy pembrolizumab in patients with\nPD-L1 positive r/m HNSCC.\n\nFive Phase III ivonescimab clinical trials have read out to date, all five\nwith positive data. Four of these five studies are in NSCLC, and one is in\nbiliary tract cancer (BTC). In addition to Summit’s positive HARMONi study,\nAkeso has had positive read-outs in three single-region (China), randomized\nPhase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for\nivonescimab in NSCLC, including a statistically significant overall survival\nbenefit in all three studies from China. Akeso has also reported a\nstatistically significant OS benefit in the single-region (China), randomized\nPhase III HARMONi-GI1 trial in advanced BTC.\n\nHARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined\nwith chemotherapy compared to placebo plus chemotherapy in patients with\nEGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have\nprogressed after treatment with an EGFR TKI.\n\nHARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab\nagainst monotherapy pembrolizumab in patients with locally advanced or\nmetastatic NSCLC whose tumors have positive PD-L1 expression.\n\nHARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination\nwith platinum-based chemotherapy compared with tislelizumab, an anti-PD-1\nantibody, in combination with platinum-based chemotherapy in patients with\nlocally advanced or metastatic squamous NSCLC, irrespective of PD-L1\nexpression.\n\nHARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in\ncombination with chemotherapy compared with durvalumab plus chemotherapy as a\nfirst-line treatment for patients with advanced BTC.\n\nAkeso is actively conducting additional Phase III clinical studies in settings\noutside of NSCLC and biliary-tract cancer, including triple-negative breast\ncancer, head and neck squamous cell carcinoma, small cell lung cancer,\ncolorectal cancer, and pancreatic cancer.\n\nIvonescimab is an investigational therapy that is not approved by any\nregulatory authority in Summit’s license territories, including the United\nStates and Europe. Ivonescimab was initially approved for marketing\nauthorization in China in May 2024.\n\nAbout Summit Therapeutics Inc.\n\nSummit Therapeutics Inc. is a biopharmaceutical oncology company focused on\nthe discovery, development, and commercialization of patient-, physician-,\ncaregiver- and societal-friendly medicinal therapies intended to improve\nquality of life, increase potential duration of life, and resolve serious\nunmet medical needs.\n\nSummit was founded in 2003 and the company’s shares are listed on the Nasdaq\nGlobal Market (symbol \"SMMT\"). Summit is headquartered in Miami, Florida, with\nadditional offices in Palo Alto, California, Princeton, New Jersey, Dublin,\nIreland, and Oxford, UK.\n\nFor more information, please visit https://www.smmttx.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.smmttx.com&esheet=54612447&newsitemid=20260928506972&lan=en-US&anchor=https%3A%2F%2Fwww.smmttx.com&index=1&md5=49603389ea9d1b88a296215e7c634325)\nand follow Summit on X @SMMT_TX.\n\nSummit Forward-Looking Statements\n\nAny statements in this press release about the Company’s future\nexpectations, plans and prospects, including but not limited to, statements\nabout the risk that the private placement does not close on the anticipated\ntimeline or at all, including because required regulatory clearances are not\nobtained or other closing conditions are not satisfied, dilution to existing\nstockholders, and potential adverse effects on the market price of the\nCompany's common stock, including from future sales by AstraZeneca, the\nCompany's broad discretion over the use of proceeds, and the possibility that\nthe proceeds will not be sufficient to fund operations as long as anticipated,\nAstraZeneca’s ownership and contractual rights, including Third Party\nacquisition participation, and registration rights, and potential conflicts of\ninterest, the completion of the Private Placement does not depend on the\nparties entering into a definitive collaboration agreement, the Company's\nreliance on AstraZeneca for the supply of AstraZeneca’s products and other\ncontributions to the clinical trials, the clinical and preclinical development\nof the Company’s product candidates, entry into and actions related to the\nCompany’s partnership with Akeso Inc. and other collaborations, the intended\nuse of the net proceeds from the private placements, the Company's anticipated\nspending and cash runway, the therapeutic potential of the Company’s product\ncandidates, the potential commercialization of the Company’s product\ncandidates, the timing of initiation, completion and availability of data from\nclinical trials, the potential submission of applications for marketing\napprovals, the expected timing of BLA submissions or FDA decisions, potential\nacquisitions, statements about the previously disclosed At-The-Market equity\noffering program (“ATM Program”), the expected proceeds and uses thereof,\nthe Company’s estimates regarding stock-based compensation, and other\nstatements containing the words \"anticipate,\" \"believe,\" \"continue,\" \"could,\"\n\"estimate,\" \"expect,\" \"intend,\" \"may,\" \"plan,\" \"potential,\" \"predict,\"\n\"project,\" \"should,\" \"target,\" \"would,\" and similar expressions, constitute\nforward-looking statements within the meaning of The Private Securities\nLitigation Reform Act of 1995. Actual results may differ materially from those\nindicated by such forward-looking statements as a result of various important\nfactors, including the Company’s ability to sell shares of our common stock\nunder the ATM Program, the conditions affecting the capital markets, general\neconomic, industry, or political conditions, including the effects of\ngeopolitical developments, domestic and foreign trade policies, and monetary\npolicies, the results of our evaluation of the underlying data in connection\nwith the development and commercialization activities for ivonescimab, the\noutcome of discussions with regulatory authorities, including the Food and\nDrug Administration, the uncertainties inherent in the initiation of future\nclinical trials, availability and timing of data from ongoing and future\nclinical trials, the results of such trials, and their success, global public\nhealth crises, that may affect timing and status of our clinical trials and\noperations, whether preliminary results from a clinical trial will be\npredictive of the final results of that trial or whether results of early\nclinical trials or preclinical studies will be indicative of the results of\nlater clinical trials, whether business development opportunities to expand\nthe Company’s pipeline of drug candidates, including without limitation,\nthrough potential acquisitions of, and/or collaborations with, other entities\noccur, expectations for regulatory approvals, laws and regulations affecting\ngovernment contracts and funding awards, availability of funding sufficient\nfor the Company’s foreseeable and unforeseeable operating expenses and\ncapital expenditure requirements and other factors discussed in the \"Risk\nFactors\" and “Management’s Discussion and Analysis of Financial Condition\nand Results of Operations” sections of filings that the Company makes with\nthe Securities and Exchange Commission. Summit defines a “positive study”\nas a clinical study with one or more prespecified primary endpoints in which\none of those endpoints achieves a statistically significant benefit according\nto the protocol or statistical analysis plan. Any change to our ongoing trials\ncould cause delays, affect our future expenses, and add uncertainty to our\ncommercialization efforts, as well as to affect the likelihood of the\nsuccessful completion of clinical development of ivonescimab. Accordingly,\nreaders should not place undue reliance on forward-looking statements or\ninformation. In addition, any forward-looking statements included in this\npress release represent the Company’s views only as of the date of this\nrelease and should not be relied upon as representing the Company’s views as\nof any subsequent date. The Company specifically disclaims any obligation to\nupdate any forward-looking statements included in this press release.\n\nSummit Therapeutics and the Summit Therapeutics logo are registered trademarks\nof Summit Therapeutics Inc. and/or its affiliates. Copyright © 2026, Summit\nTherapeutics Inc. All Rights Reserved.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260928506972/en/\n(https://www.businesswire.com/news/home/20260928506972/en/)\n\nSummit Therapeutics’ Media & Investor Contacts: \n\nNathan LiaBraaten\n\nSenior Director, Investor Relations\n\nTracy Jones\n\nDirector, Media & Public Relations\n\ninvestors@smmttx.com \n(mailto:investors@smmttx.com) \nmedia@smmttx.com (mailto:media@smmttx.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwbSfQv6a-20260928","title":"AstraZeneca Makes $2 Billion Strategic Equity Investment in Summit Therapeutics","author":"Business Wire","ticker":"SMMT","created":"2026-09-28T21:30:00.096Z","tickers":["SMMT"],"exchange":"NASDAQ","article_body":"AstraZeneca Makes $2 Billion Strategic Equity Investment in Summit\nTherapeutics\n\nInvestment in Preferred Shares Convertible to Common Equity, Equivalent to a\nPer-Share Price of Summit’s Common Stock of $18.36, Representing a Premium\nover Today’s Closing Trading Price\n\nSummit Also Enters into Clinical Trial Collaboration with AstraZeneca to\nEvaluate Ivonescimab in Combination with Sonesitatug Vedotin in Multiple\nGastrointestinal Cancers\n\nSummit & AstraZeneca Plan to Enter into a Clinical Trial Collaboration\nCombining Ivonescimab with Multiple AstraZeneca ADCs and Other Cancer\nMedicines\n\nSummit Therapeutics Inc. (Nasdaq: SMMT) today announced key developments\nimportant to the company’s progress towards achieving its goal of making a\nsignificant difference in the lives of patients with cancer. Specifically,\nSummit has established agreements with AstraZeneca (LSE/STO/NYSE: AZN) for a\nstrategic equity investment in Summit and a clinical collaboration focused on\nivonescimab and sonesitatug vedotin (sone-ve). Moreover, Summit and\nAstraZeneca intend to evaluate ivonescimab with an additional set of\nAstraZeneca’s cancer medicines, including other antibody drug conjugates\n(ADCs). Ivonescimab is a novel, potential first-in-class investigational PD-1\n/ VEGF bispecific antibody.\n\nAstraZeneca Equity Investment in Summit\n\nSummit and AstraZeneca have entered into an agreement whereby AstraZeneca will\nmake an equity investment of $2.0 billion in convertible preferred shares. At\nthe conversion ratio, the investment represents a common stock price equal to\n$18.36 representing a premium over today’s closing price.\n\n“This significant investment, as well as the collaboration, is a powerful\nvalidation of the potential of ivonescimab,” said Robert W. Duggan, Chairman\nand Co-Chief Executive Officer of Summit Therapeutics. “We are proud to\nwelcome AstraZeneca as a strategic investor as we continue to work with\npurposeful urgency to make a significant difference for patients with cancer\nby improving outcomes.”\n\nSummit – AstraZeneca Clinical Trial Collaboration: Ivonescimab and Sone-Ve\n\nSummit entered into a clinical collaboration agreement with AstraZeneca to\nevaluate sonesitatug vedotin in combination with ivonescimab with the intent\nto start studies in certain gastrointestinal (GI) cancer settings imminently.\nSone-ve is a potential global first-in-class Claudin 18.2-targeting ADC with\nseveral ongoing trials underway in GI cancers.\n\nUnder the terms of the clinical collaboration agreement, each company will\ncontribute their respective compound for the combination studies to be\nconducted, and the parties will jointly contribute to the costs of such\nstudies, which are intended to be sponsored by AstraZeneca. Each company will\nretain development and commercial rights to their respective molecules.\n\n“The developments announced today with AstraZeneca open an exciting new\nchapter in the advancement of ivonescimab,” said Dr. Maky Zanganeh,\nPresident and Co-Chief Executive Officer of Summit Therapeutics. “With a\ngrowing body of evidence supporting ivonescimab’s differentiated PD-1 / VEGF\nbispecific approach, we look forward to further broadening the development\nplan of ivonescimab and initiating new clinical trials exploring the potential\nto combine ivonescimab with promising novel anti-cancer compounds, including\nADCs, to bring together complementary approaches to tumor-cell killing,\nantitumor immunity, and the tumor microenvironment.”\n\nAstraZeneca recently reported positive high-level results from the\nCLARITY-Gastric01 trial for sone-ve in 2nd and later-line Claudin18.2-positive\nadvanced gastric cancers demonstrating a statistically significant and\nclinically meaningful improvement in overall survival (OS) versus\ninvestigator’s choice of therapy. Results from this trial will be presented\nat the European Society for Medical Oncology Congress 2026 in a Presidential\nSymposium alongside the HARMONi-GI1 trial, an Akeso-sponsored trial from China\nin which ivonescimab plus chemotherapy demonstrated a statistically\nsignificant and clinically meaningful improvement in OS vs. durvalumab plus\nchemotherapy in first-line advanced biliary tract cancer.\n\nPlanned Summit – AstraZeneca Clinical Trial Collaboration: Ivonescimab and\nAZ’s Cancer Medicines\n\nFinally, Summit and AstraZeneca have executed a non-binding Memorandum of\nUnderstanding whereby the two companies intend to enter into an agreement to\nconduct clinical trials combining ivonescimab with multiple AstraZeneca’s\ncancer medicines, including its leading portfolio of ADCs. The companies\nintend to share clinical development costs of potential future studies. Each\ncompany will retain their current development and commercial rights to their\nrespective molecules, and the agreement is mutually non-exclusive. There are\nno additional financial considerations associated with milestones, royalties,\nrevenue-sharing, or profit-sharing.\n\n“A core pillar of our oncology strategy is to broaden the reach of our ADC\nportfolio as the backbone of treatment across tumor types with combinations\nalongside next-generation immunotherapies,” said Susan Galbraith, Executive\nVice President, Oncology Haematology R&D, AstraZeneca. “Bispecifics\ntargeting PD-1 and VEGF are rapidly advancing in development and have the\npotential to improve on current immunotherapies, particularly in lung, breast\nand gastrointestinal cancers. This opportunity to combine ivonescimab with\nAstraZeneca’s ADC portfolio, including with sone-ve, could enable new\nregimens that raise the bar for patients with cancer across the treatment\nlandscape.\"\n\nThe Memorandum of Understanding with respect to the potential clinical trial\ncollaboration between Summit and AstraZeneca is non-binding, and there can be\nno assurances that the intended clinical trial collaboration comes to\nfruition.\n\nFinancial Terms of AstraZeneca Equity Investment\n\nUnder the terms of the Share Purchase Agreement entered into by Summit and\nAstraZeneca, AstraZeneca will purchase an aggregate of approximately 108,955\nshares of preferred stock convertible into shares of common stock of Summit at\na 1:1,000 ratio. The total investment by AstraZeneca will be $2.0 billion. At\nthe conversion ratio, the investment represents a common stock price equal to\n$18.36, the volume weighted-average price (VWAP) for the five trading days\nfrom the prior week plus 10%. Closing of the transaction is subject to\ncustomary conditions and is expected to occur by the end of this week.\n\nThe securities described above have not been registered under the Securities\nAct of 1933, as amended. Accordingly, these securities may not be offered or\nsold in the United States, except pursuant to an effective registration\nstatement or an applicable exemption from the registration requirements of the\nSecurities Act. Summit has agreed to file a registration statement with the\nSecurities and Exchange Commission (SEC) registering the resale of the shares\nof common stock following the closing of the securities purchase agreement.\n\nThis press release shall not constitute an offer to sell or the solicitation\nof an offer to buy these securities, nor shall there be any sale of these\nsecurities in any state or other jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to the registration or\nqualification under the securities laws of any such jurisdiction.\n\nAbout Ivonescimab\n\nIvonescimab, known as SMT112 in Summit’s license territories, North America,\nSouth America, Europe, the Middle East, Africa, and Japan, and as AK112\noutside of Summit’s license territories, is a novel, potential\nfirst-in-class investigational bispecific antibody combining the effects of\nimmunotherapy via a blockade of PD-1 with the anti-angiogenesis effects\nassociated with blocking VEGF into a single molecule. By design, ivonescimab\ndisplays unique cooperative binding to each of its intended targets with\nmultifold higher affinity to PD-1 when in the presence of VEGF.\n\nThis design is intended to differentiate ivonescimab as there is potentially\nhigher expression (presence) of both PD-1 and VEGF in tumor tissue and the\ntumor microenvironment (TME) as compared to normal tissue in the body. Summit\nbelieves ivonescimab’s specifically engineered tetravalent structure (four\nbinding sites) enables higher avidity (accumulated strength of multiple\nbinding interactions) in the TME (Zhong, et al, iScience, 2025). This\ntetravalent structure, the intentional novel design of the molecule, and\nbringing these two targets into a single bispecific antibody with cooperative\nbinding qualities have the potential to direct ivonescimab to the tumor tissue\nversus healthy tissue. The intent of this design, together with a half-life of\n6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to\napproximately 10 days at steady state dosing, is to improve upon previously\nestablished efficacy thresholds, side effects, and safety profiles associated\nwith prior approved drugs to these targets.\n\nIvonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently\nutilized in multiple Phase III clinical trials. Over 5,000 patients have been\ntreated with ivonescimab in clinical studies globally, and over 100,000\npatients when considering those treated in a commercial setting in China, as\nnoted by Akeso.\n\nThere are currently 16 Phase III clinical studies that are either announced,\nongoing, or have been completed studying ivonescimab, five of which are\nSummit-sponsored global studies, one of which is a multiregional study\nsponsored by a cooperative group, and 10 of which are being or have been\nconducted in China by Akeso. Summit began its clinical development of\nivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase\nIII clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling\npatients in HARMONi-7. Summit expanded its Phase III clinical development\nprogram into colorectal cancer (CRC) in the fourth quarter of 2025 by\ninitiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of\nHARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer)\nwith global clinical trial site activations planned to begin by the fourth\nquarter of 2026.\n\nHARMONi is a Phase III clinical trial evaluating ivonescimab combined with\nchemotherapy compared to placebo plus chemotherapy in patients with\nEGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were\npreviously treated with a third-generation EGFR TKI (e.g., osimertinib).\nDetailed results of the study were provided in September 2025, and a Biologics\nLicense Application (BLA) was submitted to the United States Food and Drug\nAdministration (FDA) for marketing authorization, which the FDA accepted for\nfiling in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date\nis November 14, 2026.\n\nHARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with\nchemotherapy compared to pembrolizumab combined with chemotherapy in patients\nwith first-line metastatic, squamous or non-squamous NSCLC, irrespective of\nPD-L1 expression. The clinical trial is evaluating the two histologies as\nindividual, separately powered cohorts with independent statistical powering.\n\nHARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy\ncompared to pembrolizumab monotherapy in patients with first-line metastatic\nNSCLC whose tumors have high PD-L1 expression.\n\nHARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in\ncombination with chemotherapy compared with bevacizumab plus chemotherapy in\npatients with first-line unresectable metastatic CRC.\n\nHARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the\nantibody drug conjugate (ADC) enfortumab vedotin (EV) compared to\npembrolizumab plus EV as first-line therapy in patients with previously\nuntreated locally advanced or metastatic urothelial carcinoma (la/mUC).\n\nILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group\ndedicated to Head and Neck Oncology, in recurrent / metastatic head and neck\nsquamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III\nclinical trial designed to evaluate ivonescimab monotherapy, as well as\nivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47\nmonoclonal antibody, compared to monotherapy pembrolizumab in patients with\nPD-L1 positive r/m HNSCC.\n\nFive Phase III ivonescimab clinical trials have read out to date, all five\nwith positive data. Four of these five studies are in NSCLC, and one is in\nbiliary tract cancer (BTC). In addition to Summit’s positive HARMONi study,\nAkeso has had positive read-outs in three single-region (China), randomized\nPhase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for\nivonescimab in NSCLC, including a statistically significant overall survival\nbenefit in all three studies from China. Akeso has also reported a\nstatistically significant OS benefit in the single-region (China), randomized\nPhase III HARMONi-GI1 trial in advanced BTC.\n\nHARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined\nwith chemotherapy compared to placebo plus chemotherapy in patients with\nEGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have\nprogressed after treatment with an EGFR TKI.\n\nHARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab\nagainst monotherapy pembrolizumab in patients with locally advanced or\nmetastatic NSCLC whose tumors have positive PD-L1 expression.\n\nHARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination\nwith platinum-based chemotherapy compared with tislelizumab, an anti-PD-1\nantibody, in combination with platinum-based chemotherapy in patients with\nlocally advanced or metastatic squamous NSCLC, irrespective of PD-L1\nexpression.\n\nHARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in\ncombination with chemotherapy compared with durvalumab plus chemotherapy as a\nfirst-line treatment for patients with advanced BTC.\n\nAkeso is actively conducting additional Phase III clinical studies in settings\noutside of NSCLC and biliary-tract cancer, including triple-negative breast\ncancer, head and neck squamous cell carcinoma, small cell lung cancer,\ncolorectal cancer, and pancreatic cancer.\n\nIvonescimab is an investigational therapy that is not approved by any\nregulatory authority in Summit’s license territories, including the United\nStates and Europe. Ivonescimab was initially approved for marketing\nauthorization in China in May 2024.\n\nAbout Summit Therapeutics Inc.\n\nSummit Therapeutics Inc. is a biopharmaceutical oncology company focused on\nthe discovery, development, and commercialization of patient-, physician-,\ncaregiver- and societal-friendly medicinal therapies intended to improve\nquality of life, increase potential duration of life, and resolve serious\nunmet medical needs.\n\nSummit was founded in 2003 and the company’s shares are listed on the Nasdaq\nGlobal Market (symbol \"SMMT\"). Summit is headquartered in Miami, Florida, with\nadditional offices in Palo Alto, California, Princeton, New Jersey, Dublin,\nIreland, and Oxford, UK.\n\nFor more information, please visit https://www.smmttx.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.smmttx.com&esheet=54612447&newsitemid=20260928506972&lan=en-US&anchor=https%3A%2F%2Fwww.smmttx.com&index=1&md5=49603389ea9d1b88a296215e7c634325)\nand follow Summit on X @SMMT_TX.\n\nSummit Forward-Looking Statements\n\nAny statements in this press release about the Company’s future\nexpectations, plans and prospects, including but not limited to, statements\nabout the risk that the private placement does not close on the anticipated\ntimeline or at all, including because required regulatory clearances are not\nobtained or other closing conditions are not satisfied, dilution to existing\nstockholders, and potential adverse effects on the market price of the\nCompany's common stock, including from future sales by AstraZeneca, the\nCompany's broad discretion over the use of proceeds, and the possibility that\nthe proceeds will not be sufficient to fund operations as long as anticipated,\nAstraZeneca’s ownership and contractual rights, including Third Party\nacquisition participation, and registration rights, and potential conflicts of\ninterest, the completion of the Private Placement does not depend on the\nparties entering into a definitive collaboration agreement, the Company's\nreliance on AstraZeneca for the supply of AstraZeneca’s products and other\ncontributions to the clinical trials, the clinical and preclinical development\nof the Company’s product candidates, entry into and actions related to the\nCompany’s partnership with Akeso Inc. and other collaborations, the intended\nuse of the net proceeds from the private placements, the Company's anticipated\nspending and cash runway, the therapeutic potential of the Company’s product\ncandidates, the potential commercialization of the Company’s product\ncandidates, the timing of initiation, completion and availability of data from\nclinical trials, the potential submission of applications for marketing\napprovals, the expected timing of BLA submissions or FDA decisions, potential\nacquisitions, statements about the previously disclosed At-The-Market equity\noffering program (“ATM Program”), the expected proceeds and uses thereof,\nthe Company’s estimates regarding stock-based compensation, and other\nstatements containing the words \"anticipate,\" \"believe,\" \"continue,\" \"could,\"\n\"estimate,\" \"expect,\" \"intend,\" \"may,\" \"plan,\" \"potential,\" \"predict,\"\n\"project,\" \"should,\" \"target,\" \"would,\" and similar expressions, constitute\nforward-looking statements within the meaning of The Private Securities\nLitigation Reform Act of 1995. Actual results may differ materially from those\nindicated by such forward-looking statements as a result of various important\nfactors, including the Company’s ability to sell shares of our common stock\nunder the ATM Program, the conditions affecting the capital markets, general\neconomic, industry, or political conditions, including the effects of\ngeopolitical developments, domestic and foreign trade policies, and monetary\npolicies, the results of our evaluation of the underlying data in connection\nwith the development and commercialization activities for ivonescimab, the\noutcome of discussions with regulatory authorities, including the Food and\nDrug Administration, the uncertainties inherent in the initiation of future\nclinical trials, availability and timing of data from ongoing and future\nclinical trials, the results of such trials, and their success, global public\nhealth crises, that may affect timing and status of our clinical trials and\noperations, whether preliminary results from a clinical trial will be\npredictive of the final results of that trial or whether results of early\nclinical trials or preclinical studies will be indicative of the results of\nlater clinical trials, whether business development opportunities to expand\nthe Company’s pipeline of drug candidates, including without limitation,\nthrough potential acquisitions of, and/or collaborations with, other entities\noccur, expectations for regulatory approvals, laws and regulations affecting\ngovernment contracts and funding awards, availability of funding sufficient\nfor the Company’s foreseeable and unforeseeable operating expenses and\ncapital expenditure requirements and other factors discussed in the \"Risk\nFactors\" and “Management’s Discussion and Analysis of Financial Condition\nand Results of Operations” sections of filings that the Company makes with\nthe Securities and Exchange Commission. Summit defines a “positive study”\nas a clinical study with one or more prespecified primary endpoints in which\none of those endpoints achieves a statistically significant benefit according\nto the protocol or statistical analysis plan. Any change to our ongoing trials\ncould cause delays, affect our future expenses, and add uncertainty to our\ncommercialization efforts, as well as to affect the likelihood of the\nsuccessful completion of clinical development of ivonescimab. Accordingly,\nreaders should not place undue reliance on forward-looking statements or\ninformation. In addition, any forward-looking statements included in this\npress release represent the Company’s views only as of the date of this\nrelease and should not be relied upon as representing the Company’s views as\nof any subsequent date. The Company specifically disclaims any obligation to\nupdate any forward-looking statements included in this press release.\n\nSummit Therapeutics and the Summit Therapeutics logo are registered trademarks\nof Summit Therapeutics Inc. and/or its affiliates. Copyright © 2026, Summit\nTherapeutics Inc. All Rights Reserved.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260928506972/en/\n(https://www.businesswire.com/news/home/20260928506972/en/)\n\nSummit Therapeutics’ Media & Investor Contacts: \n\nNathan LiaBraaten\n\nSenior Director, Investor Relations\n\nTracy Jones\n\nDirector, Media & Public Relations\n\ninvestors@smmttx.com \n(mailto:investors@smmttx.com) \nmedia@smmttx.com (mailto:media@smmttx.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-28T21:30:00.169974821Z","server_sent_at_ms":1790631000169},"received_at":"2026-09-28T21:30:00.380Z","source_url":"https://www.businesswire.com/news/home/20260928506972/en/"},"analysis":{"id":"143401","press_release_id":"154641","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":["collaboration MOU is non-binding with no assurance the broader clinical collaboration is finalized","securities sold in an unregistered private placement; potential overhang from future AstraZeneca sales post-registration","closing subject to customary conditions, including regulatory clearances","no milestone, royalty, or revenue-sharing economics in the collaboration agreements"],"eventType":"m_and_a","narrative":"AstraZeneca is making a $2.0 billion strategic equity investment in Summit Therapeutics via convertible preferred shares, implying an effective common stock price of $18.36 — a five-day VWAP plus 10% and a premium to today's close.\n\nSummit and AstraZeneca also entered a clinical trial collaboration to evaluate ivonescimab with sonesitatug vedotin in GI cancers, plus a non-binding MOU to combine ivonescimab with multiple AstraZeneca ADCs.\n\nThe investment is a major strategic validation of ivonescimab ahead of the November 14, 2026 PDUFA date for the HARMONi BLA; the MOU portion is non-binding with no milestone or royalty economics.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"$2B AstraZeneca stake at a premium is a heavyweight endorsement of ivonescimab ahead of the Nov 14 PDUFA date."},"keyFigures":{"dealValueUsd":2000000000,"offeringPrice":"$18.36 (effective per-common-share conversion price)","sharesOffered":"approximately 108,955 preferred shares convertible 1:1,000 into common stock","customDimensions":{"pricing_basis":"five-day VWAP plus 10%","conversion_ratio":"1:1,000 preferred-to-common","expected_closing":"by end of this week"}},"quotedText":"This significant investment, as well as the collaboration, is a powerful validation of the potential of ivonescimab","namedEntities":{"people":[{"name":"Robert W. Duggan","role":"Chairman and Co-CEO, Summit Therapeutics"},{"name":"Dr. Maky Zanganeh","role":"President and Co-CEO, Summit Therapeutics"},{"name":"Susan Galbraith","role":"EVP, Oncology Haematology R&D, AstraZeneca"}],"products":["ivonescimab","sonesitatug vedotin (sone-ve)","SMT112","AK112","enfortumab vedotin"],"companies":[{"name":"Summit Therapeutics Inc.","ticker":"SMMT","relationship":"filer/investment recipient"},{"name":"AstraZeneca","ticker":"AZN","relationship":"strategic investor and collaboration partner"},{"name":"Akeso Inc.","ticker":"9926.HK","relationship":"licensor/partner (original developer of ivonescimab)"}],"dollarAmounts":[{"amount":"$2.0 billion","context":"AstraZeneca equity investment in convertible preferred shares"},{"amount":"$18.36","context":"effective common stock price implied by conversion ratio"}]},"materialImpact":{"score":5,"reasoning":"A $2.0 billion strategic equity investment from AstraZeneca at an effective $18.36 per share (5-day VWAP +10%, a premium to market), plus clinical trial collaborations combining ivonescimab with AZ's ADC portfolio. This is a transformative capital injection and strategic validation for Summit."},"tickerRelevance":{"others":[{"ticker":"AZN","relevance":"acquirer/strategic investor"},{"ticker":"9926.HK","relevance":"partner"}],"primary":"SMMT"},"globalImportance":72,"audienceRelevance":65,"eventTypeSecondary":["partnership","offering"],"importanceComponents":{"tickerTier":"mid-cap high-profile biotech / retail favorite","eventGravity":"multi-billion-dollar strategic investment plus clinical collaboration","sectorWeight":"biotech binary-catalyst sector (PDUFA Nov 2026)","householdBrandBoost":"AstraZeneca involvement raises visibility"}},"event_type":"m_and_a","event_type_secondary":["partnership","offering"],"sentiment":"bullish","material_impact_score":5,"narrative":"AstraZeneca is making a $2.0 billion strategic equity investment in Summit Therapeutics via convertible preferred shares, implying an effective common stock price of $18.36 — a five-day VWAP plus 10% and a premium to today's close.\n\nSummit and AstraZeneca also entered a clinical trial collaboration to evaluate ivonescimab with sonesitatug vedotin in GI cancers, plus a non-binding MOU to combine ivonescimab with multiple AstraZeneca ADCs.\n\nThe investment is a major strategic validation of ivonescimab ahead of the November 14, 2026 PDUFA date for the HARMONi BLA; the MOU portion is non-binding with no milestone or royalty economics.","key_figures":{"dealValueUsd":2000000000,"offeringPrice":"$18.36 (effective per-common-share conversion price)","sharesOffered":"approximately 108,955 preferred shares convertible 1:1,000 into common stock","customDimensions":{"pricing_basis":"five-day VWAP plus 10%","conversion_ratio":"1:1,000 preferred-to-common","expected_closing":"by end of this week"}},"named_entities":{"people":[{"name":"Robert W. Duggan","role":"Chairman and Co-CEO, Summit Therapeutics"},{"name":"Dr. Maky Zanganeh","role":"President and Co-CEO, Summit Therapeutics"},{"name":"Susan Galbraith","role":"EVP, Oncology Haematology R&D, AstraZeneca"}],"products":["ivonescimab","sonesitatug vedotin (sone-ve)","SMT112","AK112","enfortumab vedotin"],"companies":[{"name":"Summit Therapeutics Inc.","ticker":"SMMT","relationship":"filer/investment recipient"},{"name":"AstraZeneca","ticker":"AZN","relationship":"strategic investor and collaboration partner"},{"name":"Akeso Inc.","ticker":"9926.HK","relationship":"licensor/partner (original developer of ivonescimab)"}],"dollarAmounts":[{"amount":"$2.0 billion","context":"AstraZeneca equity investment in convertible preferred shares"},{"amount":"$18.36","context":"effective common stock price implied by conversion ratio"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-28T21:30:07.978Z","global_importance":72,"audience_relevance":65,"importance_components":{"tickerTier":"mid-cap high-profile biotech / retail favorite","eventGravity":"multi-billion-dollar strategic investment plus clinical collaboration","sectorWeight":"biotech binary-catalyst sector (PDUFA Nov 2026)","householdBrandBoost":"AstraZeneca involvement raises visibility"}},"durationMs":7912,"modelName":"glm-5.3-flashx"}}