Pharma deal headlines: AstraZeneca backs ivonescimab, Novo licenses Hengrui’s obesity candidate

****AstraZeneca–ivonescimab:**
** AstraZeneca is making a reported $2 billion investment in Summit Therapeutics to support development of ivonescimab, a PD-1/VEGF bispecific antibody, in combinations with AstraZeneca’s antibody-drug conjugates across cancer types. The reported investment would give AstraZeneca a substantial minority stake in Summit; it is an investment, not an acquisition of the drug.

****Novo Nordisk–Hengrui:**
** Novo agreed to license rights outside mainland China, Hong Kong, Macao and Taiwan to Hengrui’s experimental candidate HRS-1596, in a deal worth up to $2.6 billion. That includes $300 million upfront, potential development, regulatory and commercial milestones, and royalties. The GLP-1/GIP drug is Phase 1-ready and has potential for once-weekly oral dosing, but it remains early-stage.

**Merck and KRAS:
** The headline refers to Merck’s continued push into KRAS-targeted cancer treatments. The available search results here did not provide reliable details on the specific Merck transaction or program, so I can’t confirm its terms or what “doubles down” refers to.