Exhibit 99.2
Summit Therapeutics plc
(‘Summit’ or the ‘Company’)
Award of Share Options
Oxford, UK, and Cambridge, MA, US, 24 December 2019 –Summit Therapeutics plc (NASDAQ: SMMT, AIM: SUMM), a leader in new mechanism antibiotic innovation, announces a grant of options over new ordinary shares of one penny nominal value (‘Ordinary Shares’) on 23 December 2019 to Mr Manmeet Soni, Dr Elaine Stracker and Dr Ventzislav Stefanov. The Company has also made a grant of share options to certain Company employees in line with the Company’s Long Term Incentive Plan.
Share Option Award to ProspectiveNon-Executive Directors
Mr Soni, Dr Stracker and Dr Stefanov will join the Board asnon-executive directors effective upon the close of the subscription and placing to raise approximately $50 million (the “Fundraising”) that was announced by the Company on 6 December 2019. Following a general meeting of shareholders where all resolutions connected to the Fundraising were duly approved, the Fundraising is expected to close at 8.00 am GMT on 24 December 2019. Details of the grant of share options is as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Number of
share options
awarded | | | Number of
outstanding
share options
held | | | Total number
of ordinary
shares held | | | Total number
of ordinary
shares upon the
close of the
Fundraising | | | % of
enlarged
issued
share
capital | |
Manmeet Soni | | | 1,000,000 | | | | 1,000,000 | | | | Nil | | | | Nil | | | | Nil | |
Elaine Stracker | | | 1,000,000 | | | | 1,000,000 | | | | Nil | | | | Nil | | | | Nil | |
Ventzislav Stefanov | | | 1,000,000 | | | | 1,000,000 | | | | 74,500 | | | | 74,500 | | | | 0.02 | % |
Robert Duggan | | | Nil | | | | Nil | | | | 78,288,205 | | | | 244,445,255 | | | | 72.78 | % |
All options awarded to Mr Soni, Dr Stracker and Dr Stefanov have an exercise price of 21 pence per ordinary share, representing themid-market closing price on 20 December 2019. The share options will vest in four equal tranches on the first, second, third and fourth anniversaries of the date of the share option grant and will vest in full on 23 December 2023, or sooner on the happening of certain corporate events reflecting the achievement of the Company’s long-term objectives.
Employee Share Option Award
The Company has also granted options over 850,000 Ordinary Shares to employees who have recently joined the Company. These options have an exercise price of 21 pence per share. They will vest in nine equal tranches on a quarterly basis from 23 December 2020 and will vest in full on 23 December 2022, or sooner on the happening of certain corporate events reflecting the achievement of the Company’s long-term objectives.
The exercise price of 21 pence per share for the above option grants was themid-market closing price of the Ordinary Shares on AIM on 20 December 2019.
The maximum number of outstanding share options following the grants referred to above is 23,399,465.
