Summit Announces Intention to Redomicile its Holding Company to the United States
July 16 2020 - 7:00AM
Summit Therapeutics plc (‘Summit’ or the
‘Company’)
Summit Announces Intention to Redomicile its Holding Company
to the United States
Oxford, UK, and Cambridge, MA, US, July 16,
2020 – Summit Therapeutics plc (NASDAQ: SMMT) today announces
its intention to relocate the corporate domicile of its holding
company from the United Kingdom to the United States. The proposed
redomiciliation is in line with Summit’s increasing focus on
business operations in the United States, including its plans to
commercialise ridinilazole for the treatment of C. difficile
infection (‘CDI’), if approved. In addition, Summit expects to gain
greater corporate flexibility and improve its access to capital by
operating within a jurisdiction more familiar to US-focused
healthcare investors.
The proposed redomiciliation is to be effected
by a UK court-approved scheme of arrangement (the ”Plan of
Redomiciliation”). Under the Plan of Redomiciliation, every five
existing Summit ordinary shares will be exchanged for one share of
common stock in a newly incorporated Delaware corporation (“New
Summit”). Accordingly, holders of Summit’s American Depositary
Shares (‘ADSs’) can expect to receive one share of New Summit
common stock in exchange for each of their ADSs. The New Summit
common stock is expected to be listed on the Nasdaq Global
Market.
The proposed redomiciliation is subject to,
amongst other things, shareholder approval and court approval in
the United Kingdom. A circular, which will contain full
details of the Plan of Redomiciliation, will be posted to holders
of Summit ordinary shares and ADSs as soon as practicable. Summit’s
operations at the Company’s UK locations in Oxford and Cambridge
are expected to continue unaffected under the new United States
based holding company.
About Summit Therapeutics Summit
Therapeutics, led by its Discuva Platform, the Company's discovery
engine, is a leader in antibiotic innovation. Our new mechanism
antibiotics are designed to become the patient-friendly new era
standard of care for those suffering from infectious disease,
subject to regulatory approvals, and create value for payors and
healthcare providers. In the present time, we are developing new
mechanism antibiotics to treat infections caused by C. difficile,
Enterobacteriaceae and N. gonorrhoeae and are using our proprietary
Discuva Platform to expand our pipeline. For more information,
visit www.summitplc.com and follow us on Twitter @summitplc. For
more information on the Company's Discuva Platform, visit
https://www.summitplc,com/our-science/discuva-platform.
Contacts
Summit Press Office |
investors@summitplc.com |
|
Summit Forward-looking Statements
Any statements in this press release about the
Company’s future expectations, plans and prospects, including but
not limited to, statements about the proposed redomiciliation,
clinical and preclinical development of the Company’s product
candidates, the therapeutic potential of the Company’s product
candidates, the potential commercialization of the Company’s
product candidates, the timing of initiation, completion and
availability of data from clinical trials, the potential submission
of applications for marketing approvals 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.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: whether the Company obtains shareholder
approval and court approval of the proposed redomiciliation, the
uncertainties inherent in the initiation of future clinical trials,
availability and timing of data from ongoing and future clinical
trials and the results of such trials, whether preliminary results
from a clinical trial will be predictive of the final results of
that trial or whether results of early clinical trials or
preclinical studies will be indicative of the results of later
clinical trials, expectations for regulatory approvals, laws and
regulations affecting government contracts and funding awards,
availability of funding sufficient for the Company’s foreseeable
and unforeseeable operating expenses and capital expenditure
requirements and other factors discussed in the "Risk Factors"
section of filings that the Company makes with the Securities and
Exchange Commission, including the Company’s Transition Report on
Form 20-F for the eleven months ended 31 December 2019.
Accordingly, readers should not place undue reliance on
forward-looking statements or information. In addition, any
forward-looking statements included in this press release represent
the Company’s views only as of the date of this release and should
not be relied upon as representing the Company’s views as of any
subsequent date. The Company specifically disclaims any obligation
to update any forward-looking statements included in this press
release.
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