Item 8.01 Other Events.

On January 30, 2023, Summit Therapeutics Inc. (the "Company") issued a press release announcing that the Board of Directors of the Company (the "Board") had set the record date for the Company's previously announced rights offering, which will be available to its stockholders of record as of the close of business on February 6, 2023. The rights offering will be made through the distribution of non-transferable subscription rights to purchase up to 476,190,476 shares of the Company's common stock, par value $0.01 (the "Common Stock"), at a price per share equal to the lesser of (i) $1.05 per share, or (ii) the volume weighted-average price of the Common Stock for the five consecutive trading days through and including the expiration date of the offering, currently contemplated to be March 1, 2023. Assuming that the rights offering is fully subscribed, the Company expects to receive gross proceeds of up to $500 million, less expenses related to the rights offering.

The rights offering will include an over-subscription right to permit each rights holder that exercises its basic subscription rights in full to purchase additional shares of Common Stock that remain unsubscribed at the expiration of the offering. The availability of the over-subscription right will be subject to certain terms and conditions to be set forth in the offering documents. Robert W. Duggan, Chairman, Chief Executive Officer, and the beneficial owner of approximately 78.1% of Summit's Common Stock prior to this rights offering, and Dr. Maky Zanganeh, Co-Chief Executive Officer, President, a member of the Board of Directors, and the beneficial owner of approximately 6.0% of the Company's Common Stock prior to this rights offering, have each indicated that they intend to participate in the rights offering for at least the full amount of their basic subscription rights, but have not made any formal binding commitment to participate.

A copy of the press release related to the matters set forth herein is attached hereto as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01   Financial Statements and Exhibits.



(d) Exhibits

Exhibit Number               Description
  99.1                         Press Release, dated January 30, 2023
104                          Cover Page Interactive Data File (embedded within the Inline XBRL
                             document)

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