AstraZeneca is investing $2 billion in Summit Therapeutics to accelerate the development of PD-1xVEGF bispecific ivonescimab in combination with antibody-drug conjugates (ADCs). 

The newly minted partners will start by testing ivonescimab—which is already approved in China for multiple non-small cell lung cancer indications—with AstraZeneca’s CLDN18.2-directed ADC in gastrointestinal cancers. 

There are three parts to the deal. First, AstraZeneca is buying a 12% stake in Summit at an 18% premium to the biotech’s closing price Monday. Second, AstraZeneca and Summit will jointly fund clinical trials of ivonescimab with sonesitatug vedotin (sone-ve), a CLDN18.2-directed ADC. Third, the companies formed a…