Bob Duggan, chairman and co-CEO of Summit Therapeutics Inc. SMMT, is capitalizing on a remarkable 689% stock surge to purchase a $33 million penthouse in Miami’s Brickell neighborhood. The luxurious two-story, 11,000-square-foot residence boasts five bedrooms and an indoor pool.
What Happened: Duggan, an 80-year-old originally from California, was particularly impressed by the breathtaking views from the 57th floor, Bloomberg reported on Thursday.
The purchase comes on the heels of a substantial increase in Duggan’s wealth, primarily driven by Summit Therapeutics’ experimental cancer drug, which has elevated his fortune to $14.9 billion, according to the Bloomberg Billionaires Index. Duggan acquired the penthouse alongside his life partner, Mahkam Zanganeh, who also serves as a co-CEO at Summit Therapeutics.
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The seller, Greg Kiley, CEO of an Ohio-based IT services company, was represented by Chad Carroll and Matthew Dugow of Compass. Carroll highlighted that this sale establishes a new pricing benchmark for Brickell’s condo market.
Why It Matters: The acquisition of the Miami penthouse by Duggan is closely linked to the recent financial success of Summit Therapeutics. In September, Summit Therapeutics’ stock experienced a significant rise. This increase followed the company’s announcement of raising $235 million in net proceeds. The capital was secured through the sale of 10.35 million shares at $22.70 each.
Notably, the capital raise was completed without incurring bankers’ fees, with contributions from both biotech institutional investors and company insiders. Key executives and board members, including Duggan and Dr. Maky Zanganeh, played a significant role, contributing $79 million, while institutional investors provided the remaining $156 million.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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