Summit Therapeutics to sell 26.68M shares at $18.74 in private placement

Summit Therapeutics (SMMT) announced that the company has accepted offers from multiple biotech institutional and individual investors to purchase an aggregate of approximately 26.68M shares of the company’s common stock at $18.74 per share, the closing price on Tuesday, October 21, for aggregate gross and net proceeds to the company of approximately $500M. Robert Duggan, the company’s co-CEO, executive chairman of the board of directors and majority stockholder, Mahkam Zanganeh, co-CEO, president and member of the board, Manmeet Soni, COO, CFO and member of the board, Bhaskar Anand, CAO and certain non-executive employees each participated as Investors in the private placement, investing an aggregate of $272M. Additionally, Akeso participated as an investor in the private placement, investing $10M. Yu Xia, a member of the board, is the CEO and chairwoman of Akeso. Summit’s insiders including Akeso invested a total of $282M. The remaining funds of $218M were raised with multiple leading biopharma institutional investors and other individual investors. Summit intends to use the net proceeds to advance, in part, the clinical development of ivonescimab, in addition to working capital needs and general corporate purposes.