In the world of cancer medicines, Summit Therapeutics, a biotech company with no revenues or approved drugs, has seen a massive surge in its market capitalization in the past two weeks. Shares of the company nearly doubled, making its co-CEO Maky Zanganeh, with a stake just under 5%, a new billionaire. She joins the elite ranks of self-made U.S. women billionaires, with only two others in the healthcare sector.
The other co-CEO of Summit Therapeutics, Robert Duggan, also saw his wealth grow substantially, as he owns 75% of the company’s stock and recently spent $75 million to increase his holding. He is now worth an estimated $14.9 billion. The company’s stock saw a significant increase following positive news about its most promising drug candidate, ivonescimab, which performed better than Merck’s blockbuster drug Keytruda in a recent trial for non-small cell lung cancer.
Summit licensed ivonescimab from Akeso in December 2022 for $500 million upfront and additional milestones payments of up to $4.5 billion. The company has global marketing rights and plans to conduct a Phase 3 trial to seek FDA approval. Despite the positive trial results, analysts do not project revenue for Summit until 2025.
Maky Zanganeh, who has an unusual path to becoming a biotech CEO, was born in Tehran, Iran, and faced the challenges of the Iran-Iraq war during her childhood. She eventually moved to Germany and later studied dentistry in France. After working with U.S. robotic surgery company Computer Motion, she joined Robert Duggan’s investment firm and later Pharmacyclics, which was eventually sold to AbbVie for $21 billion.
In 2020, Duggan acquired a majority stake in Summit Therapeutics and became CEO. Zanganeh, who had been diagnosed with breast cancer, joined the board and became co-CEO in 2022. Both Zanganeh and Duggan have high hopes for ivonescimab, with ongoing trials in China for various types of cancer. They believe the drug has a high probability of success compared to traditional biotech endeavors. The positive news about the drug’s performance has driven investor interest and led to a significant increase in Summit’s market value.
