Summit Therapeutics Raises $235M in Private Placement, Market Cap at $18.7B

Sep 12, 2024, 12:44 PM

Summit Therapeutics has raised $235 million through a private placement, issuing 10.35 million shares at $22.70 per share. Of the total amount, $79 million was raised by insiders, with the remaining $156 million coming from multiple leading biopharma institutional investors. The company's market capitalization is approximately $18.7 billion. This fundraising effort follows the company's strong pricing and substantial insider participation, reflecting confidence in its future prospects. The raise was also influenced by significant lung cancer data.