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.

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



2020 set to be the “breakthrough” year
Update | 27 Jan 2020
$110m raised through ADS public offer
Lighthouse | 23 Jan 2020
SANET-p trial stopped early for efficacy
Lighthouse | 21 Jan 2020

Recent News

Pricing of $110m public offering of ADSs
23 Jan 2020
Proposed public offering of ADSs
22 Jan 2020
Surufatinib Phase III SANET-p study meets primary endpoint at interim analysis and will stop early
20 Jan 2020
Initiation of Phase II trial of Surufatinib in combination with Tuoyi in patients with advanced solid tumours
13 Jan 2020