AstraZeneca agreed to invest $2 billion in Summit Therapeutics, taking a minority equity position while setting up clinical collaborations around Summit’s PD-1/VEGF bispecific ivonescimab. Under the terms described, AstraZeneca will buy convertible preferred shares representing about a 12% stake in Summit’s common equity, with the deal expected to close quickly. The partnership also expands into planned combination studies. AstraZeneca and Summit said they will evaluate ivonescimab alongside AstraZeneca’s oncology portfolio, including antibody-drug conjugates, with an initial focus on combining ivonescimab with sone-sesatug vedotin (sone-ve) and other ADCs. The timing tracks AstraZeneca and Summit’s recent clinical readouts: AstraZeneca highlighted positive high-level data for sone-ve in Claudin18.2-positive advanced gastric cancer, while ivonescimab has reported progress in a PD-1/VEGF setting via the HARMONi-GI1 study (Akeso-sponsored) in China. For Summit, the cash and trial footprint increase the odds that its lead bispecific becomes a platform asset rather than a single-program bet. For AstraZeneca, the investment reinforces its strategy to build PD-1/VEGF bispecific regimens into a broader ADC-combination treatment architecture across tumor types.