Bristol deal takes out ‘key’ potential buyer of Summit Therapeutics, says Truist

After Bristol Myers Squibb (BMY) announced it is joining forces with BioNTech (BNTX) to partner on BNT327, a “key rival” to ivonescimab, Truist analyst Asthika Goonewardene argued that this deal “takes out a key potential acquirer” of Summit Therapeutics (SMMT). However, the “silver lining” in the firm’s view is that the collaboration lends more large pharma validation to the PD-(L)1 x VEGF class, adds the analyst, who has previously identified AstraZeneca (AZN), Roche (RHHBY) and Johnson & Johnson (JNJ) as large-cap pharma companies where there is “good portfolio alignment to justify consideration” of a deal for Summit. The firm keeps a Buy rating and $35 price target on shares of Summit.