Summit Therapeutics, Inc., a long hold within the SanaCurrents portfolio, this year made progress towards advancing ivonescimab in a phase III trial for non-small cell lung cancer (NSCLC). While the progress appears to be substantive, the company still has a long road to moving the drug to the market. Accordingly, SanaCurrents is discontinuing coverage of Summit Thera but is placing its shares in a pullback portfolio.
Summit always has been supported by billionaire entrepreneur Bob Duggan and several close executives and investors. Duggan partially built his fortune through the $21 billion sale of Pharmayclics to AbbVie, Inc. (NYSE:ABBV) in 2015. After attempting to disrupt the antibiotics He market through support of Achaogen, Duggan started Summit expecting Summit’s antibiotic, ridinilazole could succeed with more appropriate pricing. Ridinilazole did not shine in its clinical trials and Summit pivoted to ivonescimab after buying rights to the late-stage drug.
Duggan clearly wants to recoup his investment in Summit. Given his past track record, success with ivonescimab should be expected but the timeline is uncertain.
SanaCurrents is closing out Summit at an approximate gain of 22%.
Disclosures
- SanaCurrentsis discontinuing coverage of SMMT and placing its shares in a pullback portfolio.
- Proceeds from the closing of these positions likely will be distributed into investments in other pending catalysts, unless explicitly stated otherwise.
- Should any pending catalysts for other companies in SanaCurrents‘ coverage be realized, proceeds from the closing of those positions will likely be distributed into investments in all other pending catalysts, unless explicitly stated otherwise.
- Should SanaCurrents decide to make any interim buy or sell decisions, or any suspensions for any pending catalysts, you may be notified of any such moves via email.