Summit Therapeutics Jumps on $2 Billion AstraZeneca Investment
· Business · Bloomberg, Wall Street Journal
Summit Therapeutics Inc. shares rose following an announcement that AstraZeneca Plc will make a $2 billion strategic equity investment in the cancer drugmaker. The two companies plan to jointly develop cancer drugs under the agreement. Additional financial terms and the timeline for clinical trials were not disclosed in the report. The partnership provides Summit with significant capital to advance its oncology pipeline.
Why it matters
The multibillion-dollar deal provides Summit Therapeutics with major financial backing to accelerate its cancer drug development programs alongside AstraZeneca.
Read the original report — Bloomberg
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