Summit Therapeutics Stock Soars on Report of $15B AstraZeneca Partnership Talks

Shares of Summit Therapeutics (SMMT) jumped 9% Thursday on a report that it was discussing a lucrative partnership deal with AstraZeneca (AZN).

Citing people familiar with the matter, Bloomberg reported that the Cambridge, U.K.-based AstraZeneca “could pay as much as $15 billion over time to license” lung-cancer treatment ivonescimab from the Miami-based Summit. Terms being considered “include a several billion dollar upfront payment and several milestone payments that Summit could receive later,” Bloomberg added.

Summit did not immediately return an Investopedia request for comment. An AstraZeneca spokesperson declined to comment.

Including today’s surge, Summit shares have risen more than 35% this year. U.S.-listed shares of AstraZeneca, which fell 2.5% in recent trading to pace Nasdaq decliners Thursday, are up about 6% in 2025.