AstraZeneca invested $2 billion in Summit Therapeutics, taking an equity stake and setting up clinical collaboration plans around Summit’s PD-1/VEGF bispecific ivonescimab. The investment includes convertible preferred stock and establishes a roadmap for combination trials pairing ivonescimab with parts of AstraZeneca’s oncology portfolio. The companies described a focus on integrating ivonescimab with AstraZeneca’s ADC capabilities, including sone-sesitatug vedotin (sone-ve), with plans to evaluate combination regimens across multiple tumor types. AstraZeneca framed bispecifics aimed at PD-1 and VEGF as an area where it sees room to improve on existing immunotherapy approaches. The move comes after reported encouraging clinical data for both companies’ assets, with ivonescimab’s development tied to PD-1/VEGF biology and AstraZeneca highlighting new ADC combination potential. Summit retains its medicine rights, while AstraZeneca retains rights to its existing oncology assets. Strategically, AstraZeneca’s structure points to a model where the company buys early optionality and then builds combination trials as clinical signals accrue.