Summit Therapeutics leaps on news of license deal for DMD candidate

4 October 2016

UK-based Summit Therapeutics (AIM: SUMM) saw its shares rocket nearly 90% to 247.40 pence by mid-afternoon, after it announced a lucrative licensing deal with the USA’ Sarepta Therapeutics (Nasdaq: SRPT).

Summit has entered into an exclusive license and collaboration agreement granting Sarepta rights in Europe, as well as in Turkey and the Commonwealth of Independent States, to Summit’s utrophin modulator pipeline, including its lead clinical candidate, ezutromid, for the treatment of Duchenne muscular dystrophy (‘DMD’).

As part of the agreement, Sarepta also obtains an option to license Latin American rights to Summit’s utrophin modulator pipeline. Summit retains commercialization rights in all other countries. Sarepta shares were up 1.7% premarket in New York, and have gained 58% in the year so far, boosted to a large extent by the US approval last month of Exondys 51 (eteplirsen) injection, the first drug approved to treat patients with the disease.

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