Item 8.01 Other Events.

On January 25, 2022, Summit Therapeutics Inc. (the "Company") issued a press release announcing the approval of the Board of Directors of the Company (the "Board") of a rights offering to its stockholders of record as of the close of business on February 4, 2022. The rights offering will be made through the distribution of non-transferable subscription rights to purchase shares of the Company's common stock, par value $0.01 (the "Common Stock"), at a price per share equal to the lesser of (i) $2.06 per share, the closing price of the Common Stock on January 21, 2022 or (ii) the volume weighted average price of the Common Stock for the ten consecutive trading days through and including the expiration date of the offering.

The rights offering will include an over-subscription right to permit each rights holder that exercises its basic subscription rights in full to purchase additional shares of Common Stock that remain unsubscribed at the expiration of the offering. The availability of the over-subscription right will be subject to certain terms and conditions to be set forth in the offering documents. Robert W. Duggan, the Company's Chairman of the Board and Chief Executive Officer, and the beneficial owner of approximately 70% of the Company's issued and outstanding Common Stock prior to this rights offering, and Dr. Maky Zanganeh, the Company's Chief Operating Officer, a member of the Board, and the beneficial owner of approximately 6.5% of the Company's issued and outstanding Common Stock prior to this rights offering, have each indicated that they intend to participate in the rights offering, but have not indicated a minimum level of participation or made any formal binding commitment to participate. Assuming that the rights offering is fully subscribed, the Company expects to receive gross proceeds of up to $100 million, less expenses related to the rights offering.

A copy of the press release related to the matters set forth herein is attached hereto as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01   Financial Statements and Exhibits.



(d) Exhibits

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Exhibit Number               Description
  99.1                         Press release, dated January 25, 2022
104                          Cover Page Interactive Data File (embedded within the Inline XBRL
                             document)

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