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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