Summit Therapeutics - Acquisition of Discuva Ltd
('Summit' or the 'Company')
SUMMIT OBTAINS INNOVATIVE ANTIBIOTIC DISCOVERY AND DEVELOPMENT PLATFORM THROUGH ACQUISITION OF DISCUVA LTD
· Positions Summit as a Leader in Research & Development of New Classes of Antibiotics
· Enhances Summit's Broader Business in Rare and Infectious Diseases
· Conference Call to be Held
"The global threat from multi-drug resistant bacterial infections continues to rise. There are few new antibiotics in development, with most of those being iterations of known classes of antibiotics, meaning there is an urgent need for the development of novel antibiotics," commented Mr
"Our vision is to prioritise the development of novel antibiotics against pathogens where an urgent unmet need exists and we have the ability to show advantages over current treatments," added Dr
The proprietary bacterial genetics-based platform facilitates the discovery and development of novel, differentiated antibiotics. This platform combines transposon technology with bioinformatics to create a powerful tool to identify new antibacterial drug targets, elucidate antibiotic mechanisms of action and optimise against bacterial resistance to generate new antibiotic drug candidates.
The platform is utilising proprietary libraries of multiple pathogens associated with antibiotic resistance. These provide excellent coverage against the ESKAPE pathogens, a leading cause of multi-drug resistance and hospital acquired infections throughout the world, and pathogens listed as urgent or serious threats by the
Terms of the Acquisition
Under the terms of the acquisition, Summit acquired 100% of the issued share capital of Discuva. The consideration to Discuva shareholders comprised of
Discuva's principal asset is a genetics-based technology platform for the generation of antibiotics. In accordance with applicable accounting standards, costs associated with this internally generated intangible asset have been expensed rather than capitalised by Discuva. Summit has acquired Discuva on a cash-free/debt-free basis. No Discuva personnel will be joining the Summit board of directors.
Under a collaboration agreement that Discuva has with F.
All of Discuva's shareholders have undertaken not to dispose of any of the ordinary shares of Summit acquired in connection with the transaction until
The Company's cash runway guidance remains unchanged, as Summit believes its existing cash and cash equivalents will fund the Company's activities through
Summit will file on Form 6-K with the
Conference Call Details
Summit will host a conference call and webcast to review the acquisition
About Antibiotic Resistance
Antibiotic resistance is one of the world's most pressing public health problems. Bacteria that were once easily treatable can become dangerous infections if they develop resistance to antibiotics. The incidence of infections due to resistance organisms is on the rise with the 2016 Review on Antimicrobial Resistance estimating that 700,000 patients die annually from antibiotic resistant infections; this figure has been projected to rise to 10 million by 2050 if no action is taken.
Summit is a biopharmaceutical company focused on the discovery, development and commercialisation of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programs focused on the genetic disease Duchenne muscular dystrophy and the infectious disease C. difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
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Any statements in this press release about Summit's future expectations, plans and prospects, including but not limited to, statements about the potential benefits and future operation of the acquired platform or Discuva, including any potential future payments to or from Summit related thereto, clinical and preclinical development of Summit's product candidates and the potential for their commercialisation, the therapeutic potential of Summit's product candidates, the potential submission of applications for regulatory approvals, the sufficiency of Summit's cash resources, and the timing of initiation, completion and availability of data from clinical trials, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Summit's actual results, performance or achievements could differ materially from those expressed or implied by forward-looking statements it makes as a result of a variety of risks and uncertainties, including those related to: Summit's ability to effectively use the platform to identify new potential drug development candidates; Summit's ability to realise the anticipated benefits of the Discuva acquisition, including the possibility that the expected benefits from the transaction will not be realised or will not be realised within the expected time period; negative effects of the announcement of the acquisition on the market price of Summit's ordinary shares and/or American Depository Shares; significant transaction costs, unknown liabilities, the risk of litigation related to the acquisition, as well as other business effects, including the effects of industry, market, economic, political or regulatory conditions; changes in tax and other laws, regulations, rates and policies; the sufficiency of the Company's cash resources and its ability to obtain adequate financing in the future for its foreseeable and unforeseeable operating expenses and capital requirements and other factors discussed in the "Risk Factors" section of filings that Summit makes with the
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