Biotech Values

[WorstLuck]

SMMT

Word is it was Baker Bros, and if so it doesn't amount to that big of a bet for them (they already had a position, not sure how big) and still useful for SMMT.

https://www.smmttx.com/pressrelease/summit-raises-200-million-also-expands-license-territories-for-ivonescimab/

Summit Raises $200 Million; Also Expands License Territories for Ivonescimab
$200 Million in Net Proceeds Raised at Premium to Previous Closing Price

In Separate Transaction, Summit Expanded License Territories for Ivonescimab in Deal with Akeso to Include Latin America, Middle East, and Africa

Expansion Is in Addition to Existing License Territories of US, Canada, Europe, and Japan

Conference Call to be Held at 8:00am ET on Monday, June 3, 2024

Miami, Florida, June 3, 2024 – Summit Therapeutics Inc. (NASDAQ: SMMT) (“Summit,” “we,” or the “Company”) today announced that the Company received and accepted an unsolicited offer from an institutional investor to purchase 22,222,222 shares of the Company’s common stock at $9.00 per share, a premium to the closing price on Friday, May, 31, 2024, for aggregate gross proceeds to the Company of approximately $200.0 million.