Summit CEO Bob Duggan Sued Over ‘Outlandish’ Self-Dealing Loan

Summit Therapeutics Inc. CEO Bob Duggan forced the biotech company into a “plainly usurious” $520 million loan that let the billionaire and his wife squeeze $114 million out of the business, according to an unsealed lawsuit.

An investor is challenging the transaction in court, saying Duggan and Mahkam Zanganeh exploited their control over Summit to manipulate the terms and timing of a bridge loan repayable in millions of extra shares. Duggan—who has a net worth of $14.4 billion, according to the Bloomberg Billionaires Index—pegged the financing to the company’s trading price just before a lucrative drug licensing deal with Akeso ...