🟢 Summit Therapeutics is trading 22.6% up in pre-market after AstraZeneca announced a $2 billion strategic investment

Summit Therapeutics is trading 22.61% higher at $18.98 in pre-market after AstraZeneca’s $2 billion investment announcement.

• The preferred shares convert at $18.36 each; AstraZeneca would hold rights equivalent to about 12% of Summit’s outstanding common stock.
• The agreement includes a clinical collaboration studying ivonescimab with AstraZeneca’s cancer drug in gastrointestinal cancers.
• Reuters reported shares rose over 15% in extended trading after the September 28 announcement, the catalyst for the September 29 pre-market gain.