- Summit Therapeutics Inc. (SMMT, Financial) announces inducement grants for nine new employees.
- The awards cover options to purchase a total of 94,050 shares of common stock.
- Options have a ten-year term with an exercise price of $22.75 per share.
Summit Therapeutics Inc. (SMMT), a biopharmaceutical company specializing in oncology therapies, has announced the allocation of inducement awards designed to secure the employment of nine new hires. These awards comprise options for the acquisition of up to 94,050 shares of the company’s common stock. The options, issued under Nasdaq Listing Rule 5635(c)(4), were sanctioned by Summit's Compensation Committee and aim to incentivize the new employees joining the company.
Granted on May 14, 2025, the options come with a ten-year validity and carry an exercise price of $22.75 per share, aligning with the share's closing price on the same day. These options will vest in uniform annual increments over a period of four years, contingent on the execution of a stock option agreement by the award recipients.
Summit Therapeutics, known for its focus on improving quality of life and addressing serious unmet medical needs through innovative therapies, continues to expand its team to enhance its biopharmaceutical capabilities. The company's shares are actively traded on the Nasdaq Global Market under the ticker symbol SMMT.
