Hutchison China MediTech
Hong Kong, China

Hutchison China MediTech (Chi-Med), a Hong Kong-based biopharmaceutical company, is on track to become a global leader in the discovery, development, and commercialisation of innovative, highly selective oral tyrosine kinase inhibitor therapies for oncology and immunological indications.

www.chi-med.com

Investment Perspective

Hutchison China MediTech (Chi-Med) H119 results highlight ongoing financial and operational progress. First China NDA filings for surufatinib and savolitinib are on track for H219 and H120 respectively, following in the footsteps of Elunate’s November 2018 launch. Global registration studies of surufatinib and fruquintinib will also initiate in H120. Investment into the maturing China Oncology and Global Innovation pipelines means future R&D spend will continue to grow, but Chi-Med is well-funded with flexibility surrounding future funding options. These are not limited to a future Hong Kong IPO, but include prospects of enhanced revenues from Elunate (post potential NRDL inclusion in Q4) and near-term China approvals/launches, plus possible non-dilutive finance from non-core asset divestment (eg OTC). Our valuation remains $38.55/ADS ($5.14bn) or £5.93/share (£3.95bn).

Market information

SymbolExchanges
HCMNASDAQ/AIM London

Research

Progress suggests that 2020 will be a decisive year
Lighthouse | 04 Mar 2020
A wealth of opportunity for surufatinib
Update | 18 Feb 2020
2020 set to be the “breakthrough” year
Update | 27 Jan 2020

Recent News

Initiation of China Phase II trial of HMPL-453 in advanced malignant mesothelioma
31 Mar 2020
FY19 results and clinical update
03 Mar 2020
Updated Phase II savolitinib/Imfinzi combination data in advanced PRCC at ASCO GU 2020
10 Feb 2020
Exercise of underwriters’ over-allotment option for public ADS offering
06 Feb 2020