Summit Therapeutics signs $105 million Biossil agreement

• Summit Therapeutics signed an agreement to sell its investigational Phase III precision antibiotic ridinilazole to Biossil.
• The company will receive $500,000 upfront and up to $104.5 million in future regulatory and commercial milestones.
• Management expects this transaction will allow the business to prioritize its core oncology strategy and ivonescimab development.

Summit Therapeutics (NASDAQ:SMMT) sold its investigational Phase III precision antibiotic ridinilazole to Biossil for up to $105 million.

The treatment previously failed to meet its primary superiority endpoints during a Phase III evaluation for C. difficile infections.

"We believe Biossil’s AI-native development capabilities and focus on urgent unmet medical needs make them well positioned to advance this program," said Summit Therapeutics Co-Chief Executive Officer Robert Duggan.

The finalized agreement delivers $500,000 upfront and up to $104.5 million in future regulatory and commercial milestones.

Following the announcement, Summit Therapeutics' share price was down at $15.03.

Researchers noted the experimental drug previously demonstrated an ability to preserve the patient gut microbiome compared to standard treatments.

Management stated this divestment enables the enterprise to fully prioritize its core oncology strategy and ongoing ivonescimab development.