Summit Therapeutics PLC (NASDAQ:SMMT) has appointed its executive chairman and controlling shareholder, biotech billionaire Bob Duggan, as its new chief executive.
Duggan will retain his position as chair of the biotech group, while he will replace outgoing CEO Glyn Edwards, who has resigned with immediate effect after eight years of service, although he will remain an elected board member.
READ: Summit Therapeutics appoints controlling shareholder, biotech billionaire Bob Duggan as its executive chairman
“To build a viable Summit Therapeutics company will require, amongst many other factors, bringing on additional seasoned executives as well as raising additional financial capital over time. The anti-infective disease medicinal drug business has plus points as well as challenges. Initial disease cures are plus points. Lack of sustained cures caused by disease recurrence and when combined with ever growing multi spectrum drug resistance, in my opinion, form the Achille’s heel of today’s FDA approved anti-infective drugs”, Duggan said.
“Summit Therapeutics is engaged in very significant work. Infectious disease patients are in need of durable cures. Caregivers are in search of and in need of durable cures. Payers are in need of cost-effective medicinal drugs that substantially reduce the heavy financial burden of early disease recurrence post anti-infective drug treatment”, he added.
Duggan also said the company “has the potential and intends to play a meaningful role in [a] needed and wanted new era of increasingly patient friendly anti-infective drug therapy”.
Shares in Summit were 0.6% higher at US$3.30 in early trading in New York on Tuesday.