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One day before the July Fourth holiday, shares of clinical-stage biotech Summit Therapeutics (NASDAQ: SMMT) surged by 8% following a Bloomberg report that AstraZeneca is in discussions for a licensing deal with the company, significantly outperforming the S&P 500’s 0.8% increase. This interest highlights the potential for strategic partnerships in the biotech sector.
Explain It To Me Like I’m 5: Shares of Summit Therapeutics soared 8% after news that AstraZeneca might want to team up with them, making the company’s stock rise much faster than most others.
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