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

WCLC 2019: detailed FALUCA data disclosed
Update | 11 Sep 2019
Carrying momentum into H219
Update | 13 Aug 2019
Secondary ADS offering trims CK Hutchison stake
Lighthouse | 28 Jun 2019

Recent News

Initiation of China Phase I trial of HMPL-523 in Immune Thrombocytopenia (ITP)
23 Aug 2019
2019 Interim Results and Clinical Update
30 Jul 2019
Chi-Med to announce H119 financial results
03 Jul 2019
Pricing of upsized US Public Secondary Offering of ADS
28 Jun 2019