- AstraZeneca invests $2B in Summit convertible preferred shares at $18.36/share (10% premium to 5-day VWAP)
- Clinical collaboration for ivonescimab + sonesitatug vedotin in GI cancers, costs shared, each retains rights
- Non-binding MOU for broader combination trials with multiple AstraZeneca ADCs
- Transaction expected to close by end of week
- Summit stock surged 15-18% after hours; AZN flat to +1%
- FDA decision on ivonescimab for lung cancer due Nov 14
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