Summit Therapeutics Shares Rise 22% After $2 Billion AstraZeneca Investment

Summit Therapeutics (NASDAQ:SMMT) shares rose 22% in pre-market trading on Tuesday after AstraZeneca (NASDAQ:AZN) agreed to make a $2 billion strategic equity investment in the biotechnology company.

The investment will be made through newly issued convertible preferred shares at an effective common stock equivalent price of $18.36 per share.

The transaction will give AstraZeneca rights equivalent to approximately 12% of Summit’s outstanding common stock, according to the supplied information.

The agreement was announced after the close of regular trading on Monday, 28 September 2026, with Summit shares subsequently rising in extended-hours and pre-market trading.

Companies Agree Ivonescimab Clinical Collaboration

Alongside the equity investment, AstraZeneca and Summit entered into a clinical collaboration agreement involving their respective oncology treatments.

The companies plan to evaluate AstraZeneca’s sonesitatug vedotin, or Sone-Ve, in combination with Summit’s ivonescimab in gastrointestinal cancers.

AstraZeneca and Summit also signed a memorandum of understanding to explore additional combination studies involving ivonescimab and other AstraZeneca antibody-drug conjugates.

The supplied information did not provide timelines or financial terms for the additional potential studies.

Ivonescimab FDA Decision Expected in November

Summit is also awaiting a US Food and Drug Administration decision on its Biologics License Application for ivonescimab in EGFR-mutated non-small cell lung cancer.

The FDA’s Prescription Drug User Fee Act decision date is scheduled for 14 November 2026, according to the supplied material.

The pending decision represents a regulatory review and does not indicate whether the FDA will approve the application.

Summit Shares Advance in Pre-Market Trading

The broader US equity market showed limited movement in pre-market trading, with the S&P 500 and Nasdaq broadly unchanged, while Summit shares advanced 22%.

The company’s share-price movement followed the announcement of AstraZeneca’s investment and the clinical collaboration agreements.

The supplied material also noted that Summit’s shares had traded as low as $12.07 during the previous 52 weeks.

Summit Therapeutics stock price

AstraZeneca stock price