Summit Therapeutics to sell $2.0 billion in convertible preferred stock to AstraZeneca
Summit Therapeutics agreed on September 28, 2026 to sell 108,955.3686 shares of Class A Convertible Preferred Stock to AstraZeneca Holdings B.V. for $2.0 billion in gross proceeds, and also signed a separate clinical trial collaboration with AstraZeneca on sonesitatug vedotin combined with ivonescimab. Shareholders would face dilution once the preferred converts into common stock, which is subject to conditions and a registration statement, and the company must redeem the preferred for cash if a required share authorization is not effective within 18 months.
Key points
- Purchase price of $18,356.14 per preferred share, based on a common stock price of $18.3561; each preferred share converts into 1,000 common shares
- Closing is expected within five business days of the Purchase Agreement, subject to customary conditions
- Conversion is barred until the later of any Hart-Scott-Rodino waiting period expiration and effectiveness of the authorized share increase charter amendment
- Company must file a resale registration statement within 60 days after closing; cash redemption required if the share increase is not effective within 18 months
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.