Hutchison China MediTech
Hong Kong, China

Hutchison China MediTech, 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) is one step closer to the commercialisation of its first wholly owned drug, surufatinib, in China. Early termination of the Phase III SANET-ep study in extra-pancreatic neuroendocrine tumours (epNET) – as it had already met its primary endpoint of progression-free survival (PFS) at the planned interim analysis – brings forward the timing of potential first surufatinib approval by c 12 months. While full SANET-ep data will not be available until presentation at a future scientific conference, this result enables Chi-Med to seek a pre-NDA meeting with the China NMPA to discuss next steps in the regulatory process. Reviewing our surufatinib assumptions, we now assume a 2020 approval/launch in non-pancreatic NET. Our upgraded valuation is $5.14bn ($38.55/ADS) or £3.95bn (£5.93/share).

Market information

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Research

Secondary ADS offering trims CK Hutchison stake
Lighthouse | 28 Jun 2019
Surufatinib on track for potential 2020 China approval
Update | 18 Jun 2019
Impressive data means SANET-ep trial stopped early
Lighthouse | 14 Jun 2019

Recent News

Pricing of upsized US Public Secondary Offering of ADS
28 Jun 2019
Secondary Offering of ADS
28 Jun 2019
Surufatinib Phase III SANET-ep study meets primary endpoint at interim analysis and will stop early
14 Jun 2019
Results of EGM
29 May 2019