On September 29, Summit Therapeutics PLC surged 17.96% overnight, trading at $18.35 per share, with turnover of $9,680.96.

The rally was driven by the announcement that pharmaceutical giant AstraZeneca has agreed to invest $2 billion in convertible preferred shares in Summit, alongside a non-binding clinical collaboration agreement centered on ivonescimab and sonesitatug vedotin. Under the collaboration, both companies will evaluate ivonescimab in combination with AstraZeneca's broader oncology portfolio, including antibody drug conjugates, with study costs shared jointly.

The investment underscores strong external validation of ivonescimab's commercial potential. Recent clinical catalysts have bolstered the drug's profile: the Phase III HARMONi-GI1 trial demonstrated statistically significant overall survival superiority of ivonescimab plus chemotherapy over AstraZeneca's durvalumab-based regimen in first-line advanced biliary tract cancer, and updated HARMONi-2 data showed a 27% reduction in risk of death versus pembrolizumab monotherapy, with consistent efficacy across Western and Asian patients. Ivonescimab is a bispecific antibody that simultaneously blocks PD-1 and VEGF pathways.

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