Summit proposes $25M private placement

Summit Therapeutics plc (LSE:SUMM; NASDAQ:SMMT) proposed on Dec. 17 to raise $25 million in a private placement from Robert Duggan, CEO of Duggan Investments, who would own a 49% stake in the company following the placement. Summit plans to use the funds to support Phase III testing of ridinilazole, an oral small molecule heterocyclic antibiotic, to treat Clostridium difficile infection and its preclinical antibacterial pipeline. T

At a general meeting scheduled for Jan. 4, Summit shareholders will vote on the proposed sale of 78.1 million ADSs at $1.60 to Duggan, who is former chairman and CEO of Pharmacyclics Inc., which AbbVie Inc. (NYSE:ABBV) acquired in 2015...