On September 29, Summit Therapeutics PLC rose 18.98% in regular trading, trading at $17.95/share, with turnover of $76.65 million. The surge was driven by the announcement that AstraZeneca has agreed to invest $2 billion in convertible preferred shares in Summit, along with a nonbinding clinical collaboration agreement.

The collaboration centers on ivonescimab and sonesitatug vedotin. Under the agreement, the two companies plan to evaluate ivonescimab in combination with multiple AstraZeneca cancer medicines, including other antibody drug conjugates. Research costs will be jointly shared, with clinical trials intended to be sponsored by AstraZeneca. The investment reflects strong validation of the commercial potential of ivonescimab, a bispecific antibody that simultaneously blocks PD-1 and VEGF, originally licensed from Akeso. J.P. Morgan and Citi have expressed favorable views on the deal.

The investment also arrives amid a series of positive clinical catalysts, including HARMONi-GI1 Phase III data showing ivonescimab plus chemotherapy achieved statistically significant overall survival superiority over durvalumab plus chemotherapy in advanced biliary tract cancer, and updated HARMONi-2 data demonstrating a 27% reduction in death risk versus pembrolizumab.

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