AstraZeneca announced a $2 billion equity investment in Summit Therapeutics to accelerate development of ivonescimab, a bispecific antibody targeting PD-1 and VEGF, in combination with AstraZeneca’s antibody-drug conjugates (ADCs). The companies will initially study ivonescimab with sonesitatug vedotin (Sone-Ve), a CLDN18.2-targeting ADC, in gastrointestinal cancers, while planning a broader program combining ivonescimab with additional AstraZeneca cancer medicines. Following the investment, AstraZeneca is expected to hold rights equivalent to approximately 12% of Summit’s outstanding common stock, while each company retains development and commercial rights to its own medicines.
