AstraZeneca bets $2B on Summit’s dual-target cancer drug to power next-gen therapies
AstraZeneca has invested $2 billion in Summit Therapeutics to develop combination cancer therapies using Summit’s lead drug, ivonescimab. CEO Pascal Soriot described the bispecific antibody as the 'next generation' of cancer care, noting its ability to outperform Merck’s Keytruda in lung cancer trials. The deal grants AstraZeneca a 12% stake but leaves commercial rights with Summit. Concurrently, AstraZeneca opened a $1 billion research facility in Cambridge, Massachusetts, utilizing AI and robotics to accelerate drug discovery for obesity, cancer, and rare diseases.