An­tibi­ot­ic de­vel­op­er scores $50M from biotech bil­lion­aire; Bio­haven's Alzheimer's drug pass­es fu­til­i­ty test

→ An­tibi­ot­ic de­vel­op­er Sum­mit Ther­a­peu­tics has scored a cool $50 mil­lion in fund­ing from biotech bil­lion­aire Robert Dug­gan — the for­mer chief of Phar­ma­cyclics, the com­pa­ny be­hind Im­bru­vi­ca that was sold to Ab­b­Vie for $21 bil­lion in 2015 — as it steers its lead drug through late-stage de­vel­op­ment. Dug­gan al­ready owned 49% of Sum­mit hav­ing in­vest­ed $25 mil­lion pre­vi­ous­ly, but this lat­est in­jec­tion will give him a con­trol­ling 72.8% stake. In con­nec­tion with the cap­i­tal raise, the Ox­ford, UK-based com­pa­ny is al­so delist­ing its shares from the Lon­don stock ex­change but will re­tain its Nas­daq list­ing $SMMT.

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