AstraZeneca (AZN.US) Investment in Summit (SMMT.US) Gains Favor from JPMorgan and Citi: Cancer Drug Strategy Set for Validation

Zhito Finance APP has learned that after AstraZeneca (AZN.US) announced an investment in U.S. biotechnology company Summit Therapeutics (SMMT.US) and a collaboration on a new anticancer drug, AstraZeneca rose about 2% in premarket trading on Tuesday, while SMMT extended its gains, rising about 23%. Analysts at JPMorgan and Citi welcomed the deal, saying it is consistent with AstraZeneca's cancer strategy.