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Summit Therapeutics plc : Award of Share Options
October 15, 2015 10:14 ET
Summit Therapeutics plc
Summit Therapeutics plc
Summit Therapeutics plc
("Summit" or the "Company")
AWARD OF SHARE OPTIONS
Oxford, UK, 15 October 2015 - Summit Therapeutics plc (AIM: SUMM, NASDAQ: SMMT), the drug discovery and development company advancing therapies for Duchenne muscular dystrophy and C. difficile infection, announces that today it granted Share Options over 50,000 ordinary shares of 1p nominal value ('Shares') under the existing Company Share Option Plan for employees at an exercise price of 131.5 pence per Share (being the mid-market closing price of a Summit ordinary share on 14 October 2015).
All the options will vest fully on 15 October 2018 subject to the average closing ordinary share price being equal to or greater than 197.25 pence in any period of 30 consecutive calendar days ending on or before that date. The options will lapse if this performance condition is not met by 15 October 2018.
This share option award forms an important part of the strategy to retain and motivate people who will be key to the success of the Company. The Board believes this award is aligned with the interests of all shareholders as the Company seeks to generate long-term shareholder value.
For more information, please contact:
| Summit Therapeutics Richard Pye (UK office) Michelle Avery (US office) | Tel: +44 (0)1235 443 951 +1 617 225 4455 |
| Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Tony Rawlinson | Tel: +44 (0)20 7148 7900 |