---
schema_version: "secwatch.filing_event.v1"
accession: "0001599298-23-000012"
form_type: "8-K"
ticker: "SMMT"
cik: "0001599298"
company_name: "Summit Therapeutics Inc."
filed_at: "2023-01-20T23:59:59+00:00"
generated_at: "2026-06-20T12:30:15.118038+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Summit closes $500M licensing deal with Akeso for ivonescimab; authorized shares raised to 1B

## Summary
- Upfront payment $500M: $300M paid at close ($274.9M cash + 10M shares valued ~$25.1M); $200M due March 5, 2023.
- Akeso eligible for up to $4.5B milestones plus low double-digit royalties; Summit gets rights in US, Canada, Europe, Japan.
- Dr. Michelle Xia, Akeso CEO, appointed to Summit board.
- Authorized shares increased from 350M to 1B; rights offering up to $500M at discount.
- Summit ceases investments in Discuva platform; continues SMT-738 IND-enabling activities.

## SEC filing metadata
- accession: 0001599298-23-000012
- form_type: 8-K
- ticker: SMMT
- cik: 0001599298
- company_name: Summit Therapeutics Inc.
- filed_at: 2023-01-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 5.02, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/smmt-20230116.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001599298-23-000012
- JSON: https://secwatch.observer/filing/0001599298-23-000012.json
- Plain text: https://secwatch.observer/filing/0001599298-23-000012.txt

## Key facts
- Executive change
  Dr. Yu (Michelle) Xia was appointed as member of the Board of Directors at Summit Therapeutics Inc..
  - Action: appointed
  - Role: member of the Board of Directors
  source text: the Board of Directors (the “Board”) of the Company appointed Dr. Yu (Michelle) Xia to serve as a member of the Board pursuant to the terms of the License Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- Governance Changes
  Summit Therapeutics Inc.: Increased authorized shares of common stock from 350,000,000 to 1,000,000,000 (effective 2023-01-19).
  - Change: charter amendment
  - Effective: 2023-01-19
  source text: On January 19, 2023, Summit filed Amendment No. 2 to the Restated Certificate of Incorporation (the “Amendment No. 2”) with the Secretary of State of the State of Delaware to increase the number of authorized shares of our common stock by 650,000,000 (from 350,000,000 to 1,000,000,000), which became effective on such date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- Material Agreements
  Summit Therapeutics Inc. entered into Promissory Notes with Robert W. Duggan valued at $400 million and $100 million.
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Robert W. Duggan
  - Value: $400 million and $100 million
  source text: Summit and Mr. Duggan have rectified the Original Notes in order to correctly reflect the parties’ intent in the Original Notes
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- Material Agreements
  Summit Therapeutics Inc. amended Amendment No. 1 to the License Agreement with Akeso, Inc. (effective 2023-01-16).
  - Action: amendment
  - Agreement: collaboration
  - Counterparty: Akeso, Inc.
  - Effective: 2023-01-16
  source text: Common Stock Issuance Agreement As previously disclosed, on December 5, 2022, we entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso, Inc. and its affiliates (“Akeso”) and certain ancillary transaction documents as set forth in the License Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- Material Agreements
  Summit Therapeutics Inc. entered into Common Stock Issuance Agreement with Akeso (effective 2023-01-17).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Akeso
  - Effective: 2023-01-17
  source text: Common Stock Issuance Agreement As previously disclosed, on December 5, 2022, we entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso, Inc.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm
- Material Agreements
  Summit Therapeutics Inc. entered into Collaboration and License Agreement with Akeso, Inc. and its affiliates valued at $500 million upfront payment (effective 2022-12-05).
  - Action: entry
  - Agreement: collaboration
  - Counterparty: Akeso, Inc. and its affiliates
  - Value: $500 million upfront payment
  - Effective: 2022-12-05
  source text: on December 5, 2022, we entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso, Inc. and its affiliates
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000012/0001599298-23-000012-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.