AstraZeneca to invest $2B in Summit at $18.36/share, a 10% premium, plus clinical collaboration

Summit Therapeutics Inc.

AstraZeneca Holdings B.V. buys 108,955.3686 Class A Convertible Preferred shares at $18,356.14 each for $2.0B; each converts into 1,000 common shares.
Effective common price of $18.36 equals VWAP of the five trading days from the prior week plus 10%, a premium to Summit's closing price; closing expected by end of this week.
Conversion is blocked until the HSR waiting period ends and a charter amendment authorizing enough common shares is effective; Summit must redeem for cash if the amendment misses an 18-month deadline.
Summit also signed a clinical collaboration with AstraZeneca to test sonesitatug vedotin (sone-ve) plus ivonescimab in gastrointestinal cancers, AstraZeneca-sponsored with shared costs.
A non-binding MOU covers combining ivonescimab with AstraZeneca's ADC portfolio; no milestones, royalties, revenue-sharing or profit-sharing; resale registration due within 60 days of closing.

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