AstraZeneca, Summit Therapeutics Near $15B Lung Cancer Drug Licensing Deal

Summit Therapeutics is in advanced talks with AstraZeneca for a potential $15 billion licensing deal for its lung cancer drug ivonescimab, which has shown promising results in improving progression-free survival in late-stage studies. The agreement could include several billion dollars in upfront and milestone payments, though the deal is not guaranteed to be finalized. Summit's stock surged amid the news, triggering a temporary trading halt, while AstraZeneca's shares dipped slightly. Analysts have an average target price suggesting a 27.4% upside for Summit, with a consensus rating of 'Outperform' from multiple brokerage firms. Summit has also engaged with other pharmaceutical companies regarding its treatment. The discussions underscore significant investor interest and the potential value of ivonescimab in the lung cancer treatment market.