Summit Therapeutics entered into a securities purchase agreement with AstraZeneca Holdings B.V. for a private placement expected to generate $2.0 billion in gross proceeds. The investment is coupled with a separate clinical trial collaboration agreement to evaluate a combination therapy for certain gastrointestinal cancers.
Key Details
- Transaction: AstraZeneca will purchase 108,955.3686 shares of Summit's newly designated Class A Convertible Preferred Stock for aggregate gross proceeds of $2.0 billion.
- Pricing Terms: The purchase price is $18,356.14 per preferred share, which is based on an equivalent price of $18.3561 per share of common stock. Each preferred share is convertible into 1,000 shares of common stock.
- Clinical Collaboration: A Summit subsidiary also entered a clinical trial collaboration agreement with AstraZeneca to evaluate Summit's ivonescimab in combination with AstraZeneca's sonesitatug vedotin (sone-ve).