Summit Therapeutics Raises $500 Million in Private Placement
Summit Therapeutics Inc. has raised approximately $500 million through a private placement of 26.68 million shares at $18.74 each. The funds will support the clinical development of ivonescimab and general corporate purposes. Company insiders invested $272 million, with Akeso, Inc. contributing $10 million. The remaining $218 million came from various biopharma investors. Summit will file a registration statement with the SEC for share resale.
Summit Therapeutics Inc. has announced it has raised approximately $500 million through a private placement of about 26.68 million shares of its common stock at $18.74 per share. The proceeds will be used to advance the clinical development of ivonescimab, as well as for working capital and general corporate purposes. Company insiders, including Co-CEOs Robert W. Duggan and Dr. Mahkam Zanganeh, along with other executives and employees, invested a combined $272 million. Akeso, Inc., whose CEO Dr. Yu (Michelle) Xia is also a Summit board member, participated with a $10 million investment. The remaining $218 million was raised from multiple leading biopharma institutional and individual investors. Summit has agreed to file a registration statement with the SEC to register the resale of the shares. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Summit Therapeutics Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20251022041844) on October 22, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT)
