09:16 AM EDT, 10/22/2025 (MT Newswires) -- Summit Therapeutics ( SMMT ) said Wednesday it accepted offers from various biotech investors to sell 26.68 million common shares via a private placement at $18.74 apiece, raising $500 million in aggregate proceeds.

The company said Chief Executive Robert Duggan, Executive Board Chairman Mahkam Zanganeh, co-CEO Manmeet Soni, and other company executives participated in the placement, investing a total of $272 million.

Akeso also invested $10 million in the placement, while the remaining funds were raised from multiple biopharma institutional investors and individual investors, Summit said.

Summit said it intends to use the net proceeds to advance the clinical development of ivonescimab and for working capital.

Shares of the company were up 4.9% in recent Wednesday premarket activity.