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Summit Completes 2017 With Discuva Buy

 
• By John Davis

After good news on the funding front in the 2017 third quarter, UK biotech Summit Therapeutics has completed the year on a high, acquiring fellow UK biotech Discuva to add a novel antibiotic discovery platform to its expertise.

Antibiotic
• Source: Shutterstock

The Nasdaq and AIM-listed UK biotech Summit Therapeutics PLC announced the day before Christmas Eve that it was acquiring fellow UK company, Discuva Ltd., and that company's antibiotics discovery platform for finding novel mechanisms of action.

Privately-held Discuva was bought for a mix of cash and shares, £5m ($6.7m) in cash and £5m in new ordinary shares of Summit, which is unlikely to unduly stretch Summit's...

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