07:43 AM EDT, 09/12/2024 (MT Newswires) -- Summit Therapeutics ( SMMT ) said Thursday it accepted offers to purchase a total of about 10.35 million shares at $22.70 apiece, raising approximately $235 million.

About $79 million was raised by insiders, including Co-Chief Executive Officers Robert Duggan and Maky Zanganeh, while the remaining $156 million came from multiple biopharma institutional investors, Summit said.

Net proceeds would be used to advance the clinical development of Summit's investigational cancer therapy, ivonescimab, as well as for general corporate purposes, the company said.

Shares of the company were up 5.8% in recent Thursday premarket activity.

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