Summit Therapeutics Inc. (NASDAQ: SMMT) announces it has signed an agreement to sell ridinilazole, an investigational precision antibiotic currently in Phase III, to Biossil, Inc. Summit reports that the transaction is valued at $500,000. The company describes ridinilazole as a drug it owns and is advancing through late-stage development.
Financial Post identifies Biossil as a Toronto-based, AI-native biopharma company that focuses on advancing late-stage programs for life-threatening indications with urgent unmet medical needs. Both outlets characterize the deal as an agreement for Biossil to take over the Phase III asset. The reporting does not provide further details on development timelines, regulatory plans, or additional financial terms beyond the reported purchase price.
Overall, the sources agree on the parties involved, the asset being sold, its Phase III status, and the stated deal value.
