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Summit Therapeutics Announces U.K. Court Approval of Scheme
Summit Therapeutics plc (“Summit” or the “Company”) Summit Therapeutics Announces U.K. Court Approval of Scheme; Expects to Complete Redomiciliation to
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Summit Therapeutics plc\n (“Summit” or the “Company”) Summit Therapeutics Announces U.K. Court Approval of Scheme; Expects to Complete Redomiciliation to Delaware, USA as of September 18, 2020. Oxford, UK, and Cambridge, MA, US, September 17, 2020 – Summit Therapeutics plc (NASDAQ: SMMT) led by billionaire investor Robert W. Duggan as Executive Chairman, Chief Executive Officer and majority shareholder is pleased to announce that as of September 18, 2020 it expects to complete its redomiciliation to Delaware, USA. Mr Duggan and the Summit Board of Directors extend their appreciation to the High Court of Justice in England and Wales, which sanctioned on September 16, 2020 the scheme of arrangements under Part 26 of the Companies Act of 2006 (the “Scheme”) pursuant to which Summit Therapeutics Inc. will become the new Delaware, USA incorporated holding company of Summit Therapeutics plc and its subsidiaries. The Scheme is expected to become effective, and therefore complete, on September 18, 2020. Subject to the effectiveness of the Scheme, it is expected that the last day of trading in Summit Therapeutics plc American Depositary Shares on the Nasdaq Global Market will be on September 18, 2020 and the common stock of Summit Therapeutics Inc. is expected to begin trading on the Nasdaq Global Market under the ticker symbol “SMMT” on September 21, 2020. Since the ratio at which ordinary shares of Summit Therapeutics plc will be exchanged for shares of common stock of Summit Therapeutics Inc. is equal to the ratio of its ordinary shares to the American Depositary Shares, no adjustment to the Nasdaq trading price will be made in connection with the listing of the common stock of Summit Therapeutics Inc. About Summit Therapeutics Summit Therapeutics, empowered by its Discuva Platform, the Company’s innovative antibiotic discovery engine, led by Dr. Ventzislav Stefanov and supported by BARDA and Carb-X funding, intends to be the leader in patient and physician friendly paradigm shifting antibiotic innovation. Our new mechanism antibiotics are designed to become the patient-friendly, new era standard-of-care, by working in harmony with the human microbiome to treat prospective patients suffering from infectious disease, initially focussing on Clostridioides difficile infections (CDI) which is estimated to impact over 3 million patients wo...