Shots:
- AstraZeneca will invest $2B in Summit through convertible preferred shares, representing a conversion price of $18.36/share, while the companies will collaborate on the development of ivonescimab & sonesitatug vedotin (sone-ve).
- The clinical collaboration will evaluate ivonescimab with sone-ve in GI cancers, with studies expected to begin soon. Companies will share study costs, while each retains rights to its respective molecule
- Summit & AZ also signed a non-binding, mutually non-exclusive MOU to explore ivonescimab with additional AZ cancer medicines, incl. ADCs, with shared clinical development costs & each company retaining rights to its respective assets
Ref: Businesswire | Image: AstraZeneca & Summit | Press Release
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