Summit Therapeutics Raised $200M Via Institutional Offering of 22.2M Shares at $9/Share for Clinical Development of Ivonescimab, To Expand License Territories for Ivonescimab
Portfolio Pulse from Benzinga Newsdesk
Summit Therapeutics Inc. (NASDAQ:SMMT) raised $200 million through an institutional offering of 22.2 million shares at $9 per share. The funds will be used for the clinical development of ivonescimab and general corporate purposes. Additionally, Summit expanded its license territories for ivonescimab to include Latin America, the Middle East, and Africa.
June 03, 2024 | 9:34 am
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Summit Therapeutics raised $200 million through an institutional offering at a premium price. The funds will be used for the clinical development of ivonescimab and to expand license territories.
The successful capital raise at a premium price indicates strong investor confidence. The funds will support the clinical development of ivonescimab and expand its market reach, which is likely to positively impact the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100