Summit, AstraZeneca (AZN) in Advanced Talks Over $15 billion Oncology Licensing Deal

AstraZeneca PLC (NASDAQ:AZN) is one of the best high growth stocks. Bloomberg reported on July 3 that AstraZeneca is engaged in negotiations with Summit Therapeutics Inc. (NASDAQ:SMMT) regarding a potential licensing agreement for an experimental lung cancer therapy, with the deal valued at up to $15 billion.

According to Bloomberg News, the potential deal may feature a multi-billion-dollar upfront payment to Summit along with subsequent milestone payouts. Nonetheless, the negotiations could collapse, or Summit may choose an alternative licensing collaborator.

The talks pertain to ivonescimab, a drug Summit gained access to under a separate December 2022 agreement with Chinese firm Akeso, worth up to $5 billion.

The company reported in May that ivonescimab, when used alongside chemotherapy in a Phase III trial, showed a favorable survival signal, but fell short of delivering a statistically significant outcome. Earlier findings from 2023 suggested that some patients with lung cancer had higher survival rates on the investigational drug than on Merck’s widely used Keytruda.

AstraZeneca PLC (NASDAQ:AZN) is a global biopharmaceutical company involved in the discovery, development, manufacturing, and commercialization of prescription medicines across a range of therapeutic areas, including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, vaccines, and rare diseases.

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