The billionaire CEO of Summit Pharmaceuticals and his partner/co-CEO paid $33 million for a penthouse in Brickell, marking a price record for condo sales in the city of Miami.
Robert Duggan and Dr. Mahkam Zanganeh acquired the 11,000-square-foot, five-bedroom and seven-and-a-half-bathroom condo at Echo Brickell, sources told The Real Deal.
Greg Kiley, chairman and CEO of Ohio-based Velocity, sold the penthouse at 1451 Brickell Avenue, property records show. It went into contract last week.
Compass agents Chad Carroll and Matthew Dugow represented the seller. Engel & Völkers Miami agent Stephan Hermida represented the buyer.
The penthouse comes with six parking spaces, two storage units, an indoor sky pool and 28-foot ceilings, according to the listing.
The sale sets a price record for condo sales in Miami, excluding new development deals in the works. A number of new luxury condo projects in the presales or construction phase could break that record once they are completed.
Duggan’s fortune is largely thanks to a sharp rise in Summit Therapeutics stock price this year, up nearly 700 percent so far this year, according to Bloomberg, which first reported the buyers’ identity. He is worth about $13.1 billion, according to Forbes. Summit is a Miami-based biopharmaceutical company that develops therapies to treat cancer.
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Duggan and Zanganeh’s two-story Brickell unit, on floors 56 and 57 of the high-rise, hit the market about nine months ago. PMG and JDS Development Group completed the tower in 2017.
Zanganeh, co-CEO and president of Summit, was previously COO of Sunnyvale, California-based Pharmacyclics, where she led a team that developed a treatment for a wide range of blood cancers, according to her bio.