BUZZ - AstraZeneca shares rise after investing 2 billions USD in Summit Therapeutics

September 29 - ** AstraZeneca (AZN.L) shares rose 1.5% to £126.8

** The company made an equity investment of $2 billion in Summit Therapeutics (link) via convertible preferred stock

** This investment can be converted into Summit common stock at a price of $18.36 per share, representing an 18.6% premium over its previous trading day's closing price

** Analysts at Jefferies stated that AstraZeneca's equity investment in Summit Therapeutics and the global clinical trial agreement make strong strategic sense, providing a clear path for its oncology ADC portfolio toward PD-1xVEGF combination therapy

** As of the previous trading day's close, AZN has declined approximately 9.5% so far this year

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