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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