Bob Duggan, co-CEO and chairman of Summit Therapeutics Inc. has managed to snap up one of Miami’s priciest condos in the Brickell neighborhood after capitalizing on a 689% rise in his company’s stock.
Confirming a statement that matches the negotiations, Duggan said he is buying the two-story penthouse in Miami for a whopping $33 million as a significant addition to Miami’s booming luxury real estate market. It measures 11,000 square feet with five bedrooms, an indoor pool, and wide 360-degree views of the Miami skyline from the 57th floor of the building.
Although Duggan refers to himself as “not a condo boy,” the panoramic views and expansive glass windows were sufficient to convince him to buy this high-end property. He disclosed that views played a major factor in his decision. Duggan bought the property with his life partner and co-CEO, Mahkam Zanganeh.
Profiting from Summit Therapeutics Stock
Duggan’s fortune moved in tandem with the price of Summit Therapeutics amid growing prospects for the experimental cancer drug developed by the company. The drug, a possible ticket to immunotherapy, which is expected to reach $43 billion in market size, may prove as an open sesame for Summit, according to Bloomberg Intelligence analysts Javier Manso Polo and Sam Fazeli. The stock surge this year pushed Duggan’s net worth to $14.5 billion, much of that linked to his stakes in Summit Therapeutics.
The penthouse sale also highlighted the strong sales of high-priced properties in Miami, especially in Brickell. Chad Carroll and Matthew Dugow of Compass sold on behalf of the seller, Greg Kiley, CEO of an Ohio-based IT services firm. Stephan Hermida of Engel & Völkers represented Duggan and Zanganeh in the acquisition. Carroll said the sale sets “a new pricing standard” for the Brickell condo market and indicates increasing demand for luxury penthouses in Miami.
Miami’s Luxury Condo Market Booms
High-end condos in Miami are selling like crazy, with 86 condo sales topping $15 million in Miami-Dade County since 2021. That compares with 19 from 2017 through 2020. Purchasing the penthouse is merely the latest example in the booming demand for trophy real estate in Miami, especially since even more mature, affluent buyers are coming to the region.
Duggan has spent a decade in Tampa, but he moved to Miami last year. His movement is correlated with the growth of Miami as a luxury destination for high-net-worth individuals who need premium real estate.
Duggan diversified business ventures
Despite all the fame gained in the pharmaceutical industry, Duggan’s career has involved many different disciplines. First, he exposed himself to the public eye in the 1970s with his cookie business supplying the food giants like McDonald’s. In subsequent years, he invested his funds into robotics, the Eastern European billboard business, and online credit card payments.
A far bigger splash for Duggan before Summit was when he had invested in the cancer drug Imbruvica and sold one of its makers, Pharmacyclics, to Johnson and Johnson for more than $3 billion in 2015. It is through unorthodox entry into biotech that Duggan has encountered both skepticism and admiration. Having never gone to college, nor been a doctor or a scientist, Duggan credits his success to having the sharpest mind with the ability to think critically.
Even though Duggan has acknowledged that his path to success has involved constant learning and adaptation. Further, his diverse investments and impressive achievements have elevated him to a significant position in the biotech industry. Duggan now boasts of his own success as well as the thriving high-end real estate market in Miami, which is reflected in his leadership, thanks to his most recent foray into the luxury real estate market.
