Sum­mit clos­es $500M raise, de­spite low­er mar­ket cap; Rev­o­lu­tion rais­es $300M in stock sale

Bob Dug­gan’s Sum­mit Ther­a­peu­tics has com­plet­ed its $500 mil­lion raise — even though its mar­ket cap is short of that fig­ure.

Sum­mit, which as of Thurs­day evening had a val­u­a­tion of rough­ly $431 mil­lion, sold 476.2 mil­lion shares of its stock at $1.05 apiece to bring in the $500 mil­lion. The raise comes a few months af­ter Dug­gan and co-CEO Maky Zan­ganeh loaned the com­pa­ny $520 mil­lion to fi­nance a deal with Chi­na’s Ake­so Ther­a­peu­tics.

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