Bob Duggan , chairman and co-CEO of Summit Therapeutics Inc. SMMT , is capitalizing on a remarkable 689% stock surge to purchase a $33 million penthouse in Miami’s Brickell neighborhood. The luxurious two-story, 11,000-square-foot residence boasts five bedrooms and an indoor pool.
What Happened: Duggan, an 80-year-old originally from California, was particularly impressed by the breathtaking views from the 57th floor, Bloomberg reported on Thursday. The purchase comes on the heels of a substantial increase in Duggan’s wealth, primarily driven by Summit Therapeutics’ experimental cancer drug, which has elevated his fortune to $14.9 billion, according to the Bloomberg Billionaires Index.
Duggan acquired the penthouse alongside his life partner, Mahkam Zanganeh , who also serves as a co-CEO at Summit Therapeutics. See Also: Jim Cramer Says This Energy Stock Is A Buy: ‘It Can Make Money Even At These Levels’ The seller, Greg Kiley , CEO of an Ohio-based IT services company, was represented by Chad Carroll and Matthew Dugow of Compass. Carroll highlighted that this sale establishes a new pricing benchmark for Brickell’s condo market.
Why It Matters: The acquisition of the Miami penthouse by Duggan is closely linked to the recent financial success of Summit Therapeutics . In September, Summit Therapeutics’ stock experienced a significant rise . This increase followed the company’s announcement of raising $235 million in net proceeds.
The capital was secured through .
