Summit Therapeutics (SMMT) Jumps 7.6% on Reports of $15-Billion AstraZeneca Deal

Summit Therapeutics Inc. (NASDAQ:SMMT) is one of the 10 Stocks Going Wild.

Summit Therapeutics jumped by 7.61 percent on Wednesday, a second day, to close at $24.74 apiece as reports about a $15-billion partnership with AstraZeneca continued to excite investors.

In a report by Bloomberg last week, Summit Therapeutics Inc. (NASDAQ:SMMT) was reportedly in talks with AstraZeneca to license its experimental lung cancer drug Ivonescimab.

The deal could include an upfront payment of several billion dollars to Summit Therapeutics Inc. (NASDAQ:SMMT) on top of milestone payments later on.

However, a deal remains not guaranteed as Summit Therapeutics Inc. (NASDAQ:SMMT) could still opt for a different licensing partner.

The negotiations followed Summit Therapeutics Inc.’s (NASDAQ:SMMT) $5-billion licensing deal with China-based Akeso in December 2022.

Ivonescimab is an investigational therapy that has yet to be approved by any regulatory authority other than China’s National Medical Products Administration.

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Disclosure: None. This article is originally published at Insider Monkey.