Bio Executive Acquires $50 Million in Open Market Stock Buyback

On June 12, Summit Therapeutics Inc. (NASDAQ: SMMT) co-CEO Robert Deegan disclosed that he acquired an additional 3.81 million shares of the company’s common stock in the open market at $13.12 per share—an investment of approximately $49.98 million (roughly ₩70 billion). Earlier, on June 4, Deegan and co-CEO Markam Janjani each purchased 100,000 shares at $14.60 per share, investing about $1.46 million (around ₩20 billion) apiece. They noted that, including shares held through trusts and family accounts, they already maintain substantial equity stakes. The company added a disclaimer that indirect holdings under family or trust names are recognized as beneficial ownership only to the extent of their economic interest.

Recently, Summit Therapeutics announced it had been pursuing a $500 million common stock offering (approximately ₩700 billion) around June 9 but withdrew the plan the following day, citing market conditions. The company is advancing additional regulatory steps for ivonescimab, its oncology candidate co-developed with partner Akeso, having presented Phase 2/3 clinical data at the American Society of Clinical Oncology’s annual meeting. A target FDA review date is set for November 14, 2026.

Summit Therapeutics, listed on NASDAQ, is an oncology-focused biopharmaceutical company centered on ivonescimab, an immuno-oncology candidate. Co-CEO Robert Deegan—known in the biotech sector for significant equity investments—is leading the company as it allocates capital toward securing regulatory approval and preparing for commercialization of its cancer therapy, amid a market capitalization fluctuating around $11 billion.