CNBC's Angelica Peebles joins 'Squawk on the Street' to discuss the latest news on AstraZeneca and Summit Therapeutics.

AstraZeneca is reportedly in discussions with Summit Therapeutics to license an experimental lung cancer drug for up to $15 billion, according to sources cited by Bloomberg. The potential agreement would focus on licensing rather than a full acquisition of Summit, and comes amid heightened interest in the lung cancer treatment space from major pharmaceutical companies.

The drug in question targets both PD1 and VEGF, aiming to improve outcomes for lung cancer patients. AstraZeneca has a strong track record in oncology, particularly through partnerships, and this move would align with broader industry trends of investing in innovative cancer therapies.

Report: Summit in talks for $15 billion partnership with AstraZeneca

Jump there. Now we've got more news on AstraZeneca. We're talking about this a few days ago. Angelica Peebles has the details for us. Hi Angelica. Hey there. That's right. So Bloomberg is reporting that AstraZeneca is in talks with Summit Therapeutics to license the company's experimental lung cancer drug for up to 15 billion dollars. Now Bloomberg is attributing this to people familiar with the matter. Now this has been an incredibly hot area of development. Summit has really shepherded this whole field. This craze you've seen Bristol, Merck all trying to get in on this space and now apparently AstraZeneca as well. But if you take a look at those stocks they're both down this morning and you know 15 billion dollars is a lot of money of course to license a drug and they're not buying the company outright at least according to this reporting. And people do want to see companies like Summit getting bought out. So that could explain some of the weakness that you're seeing here guys. Tell us a bit more about the the drug and AstraZeneca. Were they expected to be a potential acquirer or partner for Summit in this area. So AstraZeneca of course has been one of the leading companies in oncology. They have found so much success especially through their partnerships especially with Daiichi Sankyo and a different type of cancer drug called ADCs. But this one is called it goes after two targets so PD1 and VEGF. And the idea is that it works similar to Merck's Keytruda which is a drug that did about 30 billion dollars in sales just last year. But it also introduces another target that VEGF. And the idea is that if you can target both of them you might find better results especially for lung cancer. And so that's why you're seeing companies piling into this space. Maybe if they switch listings to the U.S. that stock would be acting better. Well I think that's a given either way. Alas. Pride and joy of the UK. Thank you Angelica. Angelica Peebles.

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