AstraZeneca PLC (AZN.L): Datroway added to expanding ivonescimab combination strategy

Following on the recently announced $2bn investment in Summit Therapeutics, Sone-Ve collaboration and broader ADC combination MOU, AstraZeneca, Daiichi Sankyo and Summit today announced a further collaboration to evaluate Datroway (TROP2 ADC) + ivonescimab (PD-1/VEGF bispecific) across multiple tumour types, beginning with a PIII trial in 1L TNBC and with potential expansion into breast and lung cancer. While of limited immediate impact, we view the collaboration as strategically sensible, giving AZN the ability to combine its oncology portfolio with a PD-1xVEGF bispecific in the event this increasingly becomes an alternative backbone therapy to PD-(L)1 therapy over time, potentially hedging a key competitive threat to its ADC portfolio, now including Datroway in breast and lung cancer, while also providing equity exposure to PD-1/VEGF through the Summit stake previously announced. Maintain Buy for best pipeline and best growth in the sector.