Summit Therapeutics’ Rights Offering Nearing Expiration Date; Robert W. Duggan Declares Intention to Fully Oversubscribe in the Rights Offering

Cambridge, MA, May 5, 2021 - Summit Therapeutics Inc. (NASDAQ: SMMT) today announced that it is nearing the previously-announced expiration date for its rights offering of 5:00 pm Eastern Daylight Time on May 10, 2021 (the “Expiration Date”).  Importantly, for stockholders whose shares of our common stock are held in a brokerage account or are otherwise not registered directly with the Company, the deadline to exercise their subscription rights with their respective brokerage firms may be as soon as today, Wednesday May 5.  Examples of brokerage firms with whom shareholders may have accounts include E*TRADE, Charles Schwab, and other personal, financial, or online brokers.  Information regarding specific broker-related deadlines can be obtained directly from the broker.

As a reminder with respect to the rights offering, it is for up to 14,312,977 shares of the Company’s common stock, par value $0.01 (the “Shares,” and each, a “Share”) based on the Initial Price (as further defined below) with an aggregate offering value of up to $75,000,000.  The subscription rights will expire and have no value if they are not exercised prior to the Expiration Date.

In addition, Mr. Robert W. Duggan, the Company’s Chairman, Chief Executive Officer, and majority shareholder, has advised the Board of Directors today that, in addition to exercising all of his basic subscription rights, he will exercise his oversubscription rights to purchase all additional Shares of common stock that remain unsubscribed at the expiration of the rights offering.

The subscription price per Share shall be equal to the lesser of (i) $5.24 per share (the “Initial Price”) or (ii) the volume weighted-average price of the Company’s common stock for the ten consecutive trading days through and including the Expiration Date (the “Alternate Price”).  The subscription price per Share will determine the final number of Shares issuable, and subsequently the pro rata number of Shares to which Stockholders can subscribe. 

A prospectus supplement relating to the offering was filed with the US Securities and Exchange Commission (the “SEC”) on April 21, 2021 and is available on the SEC’s website.  Questions about the offering and requests for copies of the prospectus relating to the rights offering may be directed to Broadridge Corporate Issuers Solutions, Inc., the Company’s information and subscription agent for the rights offering, at the email address and telephone number provided at the end of this release.