Pharmaceuticals company AstraZeneca is investing $2bn in biopharmaceutical oncology company Summit Therapeutics. This tie-up will see the two companies jointly develop and test anti-cancer drugs.
The collaboration will focus on a series of studies to test their cancer treatments together. They aim to accelerate the development of ivonescimab, a next-generation cancer treatment licensed by Summit.
Ivonescimab works by simultaneously blocking PD-1, which helps cancer evade the immune system, and VEGF, which tumours use to grow blood vessels. This mechanism helps the immune system better find and attack cancer cells. AstraZeneca will receive 12% of Summit's shares as part of the $2bn deal.