AstraZeneca invests $2 billion in Summit for cancer research — TimesLIVE

In South Africa, AstraZeneca announced a $2 billion investment in Summit Therapeutics to jointly test cancer treatments. As TimesLIVE reports, Summit shares rose 23% in premarket trading on Tuesday. AstraZeneca shares listed in the United Kingdom gained 1.6% and reached a two-month high after the deal was announced late Monday.

Combination of experimental drugs

The companies plan to test AstraZeneca’s experimental drug sonesitatug vedotin in combination with Summit’s ivonescimab for certain gastrointestinal cancers.

Under the agreement, each party will retain rights to develop and commercialize its own molecules. Ivonescimab simultaneously blocks the PD-1 and VEGF proteins: PD-1 helps cancer evade the immune system, while tumors use VEGF to form blood vessels.

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Further clinical trials

Evercore ISI analyst Corey Kasimov called the investment a validation of Summit’s potential by a global leader in cancer treatment. In his view, the deal provides Summit with needed funding while allowing the company to retain strategic options.

Barclays analyst James Gordon said the deal gives AstraZeneca access to a promising VEGF bispecific mechanism. In his assessment, this will help strengthen the company’s portfolio in solid tumor treatment after it discontinued development of its bispecific drug volrustomig last month.

The companies also intend to conclude a separate agreement on clinical trials of combinations of ivonescimab with several AstraZeneca cancer drugs. Cantor Fitzgerald analyst Eric Schmidt said AstraZeneca’s funding and clinical capabilities will enable Summit to expand its research.