06:00 AM EDT, 06/03/2024 (MT Newswires) -- Summit Therapeutics ( SMMT ) said Monday it received and accepted an unsolicited offer from an institutional investor to buy about 22.2 million shares of the company's common stock at $9 per share for gross proceeds of about $200 million.

The company said it plans to use the net proceeds to progress the clinical development of ivonescimab, and for working capital and general corporate purposes.

The company also said it is expanding its license territories for ivonescimab through an amendment of its collaboration and in-license agreement with Akeso to include Latin America and Middle East and Africa, with the total deal value worth up to $70 million.