Summit inks $58M development deal

Summit Corporation will pocket a $7 million upfront fee in the form of an equity investment from a new licensing pact with BioMarin Pharmaceutical. BioMarin inked a worldwide licensing agreement for Summit's preclinical candidate SMT C1100 and all follow-on molecules, which are being developed to treat the fatal genetic disorder Duchenne muscular dystrophy. Summit also stands to gain up to $51 million in milestones. Release