AstraZeneca committed $2 billion into Summit Therapeutics via a convertible preferred stock purchase, gaining exposure to Summit’s PD-1/VEGF bispecific ivonescimab. The investment corresponds to a 12% stake in Summit’s common stock on conversion terms, while the companies also agreed on a clinical collaboration to test ivonescimab alongside AstraZeneca’s oncology portfolio, including sonesitatug vedotin (sone-ve). The partnership is set up around combination trials spanning lung, breast, and gastrointestinal cancers, leveraging AstraZeneca’s ADC platform while keeping separate development and commercial rights for each party’s assets. The deal follows positive trial signals for both ivonescimab (HARMONi-GI1 in China) and sone-ve (CLARITY-Gastric01 in CLDN18.2-positive advanced gastric cancer).