Shares of Summit Therapeutics (NASDAQ:SMMT) jumped 5% on Thursday following reports that the company is in advanced negotiations with AstraZeneca (NASDAQ:AZN) over a potential multi-billion-dollar licensing agreement. Meanwhile, AstraZeneca’s stock dipped 2% amid investor reactions to the potential outlay.
Citing sources familiar with the matter, Bloomberg reported that AstraZeneca is eyeing Summit’s experimental lung cancer drug, ivonescimab, in a deal that could be worth up to $15 billion. The proposed agreement would reportedly include a large upfront payment with additional performance-based milestone payouts.
The report also noted that Summit is not exclusively negotiating with AstraZeneca and has held similar discussions with other major pharmaceutical companies, reflecting broad interest in the promising oncology candidate. While talks are said to be progressing, the deal is not finalized, and there remains a possibility that negotiations could fall through or that Summit could select an alternate partner.
Market Data 
Markets 
AI
