AstraZeneca agreed to invest $2 billion in Summit Therapeutics, taking equity and scaling Summit’s PD-1xVEGF bispecific program around ivonescimab. The companies will begin by testing ivonescimab with AstraZeneca’s CLDN18.2-directed antibody-drug conjugate (ADC) in gastrointestinal cancers, extending the strategy beyond monotherapy into ADC combination regimens. The investment aligns AstraZeneca’s broader oncology portfolio with Summit’s “seat at the table” approach to developing ivonescimab across immunotherapy and ADC settings. AstraZeneca’s deal framework includes combination studies but does not confer ownership rights to the U.K. drugmaker over Summit’s broader assets. The move underscores how large pharma is increasingly bundling late-stage immunotherapy constructs with ADC platforms to target multiple mechanisms in solid tumors, a pairing that can accelerate clinical decision-making and commercial planning if early efficacy signals appear. For Summit, the transaction also functions as both capital infusion and strategic validation for its development roadmap for PD-1xVEGF—particularly as bispecifics compete for differentiation through durability, safety, and combination flexibility.