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

Acceptance of surufatintib China NDA in epNET
Lighthouse | 12 Nov 2019
ESMO 2019: surufatinib epNET PFS benefit confirmed
Update | 03 Oct 2019
WCLC 2019: detailed FALUCA data disclosed
Update | 11 Sep 2019

Recent News

NDA acceptance in China for surufatinib in non-pancreatic NET
11 Nov 2019
Publication of Phase II data showing promising efficacy for Savolitinib in MET-amplified gastric cancers
17 Oct 2019
Global collaboration with Innovent expanded to include surufatinib
10 Oct 2019
Initiation of international Phase I/Ib trial of HMPL-523 in advanced relapsed or refractory lymphoma
04 Oct 2019