With Covid-19 muck­ing the tires, Robert Dug­gan throws an­oth­er $50M be­hind his big an­tibi­otics play

Robert Dug­gan is up­ping his ante on Sum­mit Ther­a­peu­tics.

The bil­lion­aire in­vestor qui­et­ly bid up to 65% of the small an­tibi­ot­ic de­vel­op­er be­fore mak­ing him­self CEO ear­li­er this year and legal­ly mov­ing the com­pa­ny from the UK to the US. Now he’s agree­ing to pur­chase up to an­oth­er 15 mil­lion shares $SMMT, at $3.34 a piece, to raise $50 mil­lion and help Sum­mit fin­ish a piv­otal Phase III tri­al of its lead an­tibi­ot­ic, ri­dini­la­zole, and launch it in the US.

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