Summit Therapeutics raises $235M in private placement led by insiders at $22.70/share

Summit Therapeutics Inc.

Sold 10.35M shares at $22.70, the closing price on Sept 11; aggregate gross proceeds ~$235M.
$79M raised from insiders including CEO Robert Duggan, Dr. Zanganeh, Soni, Anand, and director Jeff Huber.
Remaining $156M from multiple leading biopharma institutional investors; no bankers' fees.
Proceeds to advance ivonescimab clinical development in NSCLC and other cancers, plus working capital.
Company will file a resale registration statement with SEC after closing expected by Sept 18, 2024.

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