Forbes May 30, 2024
Positive clinical trial results for a drug candidate to treat lung cancer sent shares of this unprofitable biotech firm soaring–and turbocharged Robert Duggan’s net worth.
Talk about a stock bump. Shares of biotech firm Summit Therapeutics more than tripled on Thursday following good news about a drug candidate to treat a type of lung cancer. The 272% surge in Summit’s stock more than doubled the fortune of pharma billionaire Robert (“Bob”) Duggan to $7.5 billion in a day, Forbes estimates.
“That was not bad for one day’s work,” Duggan, the chairman and co-CEO of Summit Therapeutics, joked late Thursday in a call with Forbes. “I used to mow lawns for 50 cents a day.” Duggan owns about 78% of Summit’s...
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