AstraZeneca made a $2 billion investment in Summit Therapeutics, taking an equity stake and launching clinical collaboration plans around ivonescimab, an investigational PD-1/VEGF bispecific. The companies plan to evaluate ivonescimab in combination with AstraZeneca’s cancer portfolio, including antibody-drug conjugates such as sonesitatug vedotin. The investment signals AstraZeneca’s broader oncology strategy to broaden ADC reach while pairing next-generation immunotherapy mechanisms with targeted cytotoxic delivery. AstraZeneca’s stake is structured through purchase of convertible preferred shares, with conversion subject to standard regulatory approvals. For Summit, the deal provides both capital and validation as it expands from program-level evidence into combo trial execution—an area where timing, patient selection and combination safety profiles typically define the next regulatory milestones.