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Trinity Delta view: The timing of the fund raise follows hot on the heels of data presented at the ASCO 2021 conference and updates at a recent investor event on several new late-stage programmes to be initiated which highlighted the strength and depth of HUTCHMED’s late-stage pipeline. The in-house discovery platform has generated 10 tyrosine kinase inhibitors that have progressed into the clinic: both as monotherapy and, importantly, in combinations, in China and globally. The first product wave is embarking on pivotal global studies and has either secured or is pending first approvals in China, with the next wave progressing through proof-of-concept trials into potential registration enabling studies. 2021 will see tangible signs of the value this has unlocked as the Oncology/Immunology commercial operations are expected to generate $110m-$130m in revenues. In line with our policy, we are suspending our forecasts and valuation until the offer is completed. For context, our valuation was $6.37bn ($42.80 per ADS) or £4.90bn (658p per share). We shall reinstate updated forecasts and valuations as soon as practicable.
Lighthouse
21 June 2021
| Price (US ADS) (UK share) | $29.20 418.5p |
| Market Cap | $4.48bn £3.12bn |
| Exchanges | NASDAQ AIM London |
| Sector | Healthcare |
| Company Codes | HCM HCM.L |
| Corporate client | Yes |
Company description
HUTCHMED is a Hong Kong headquartered biopharma focused on discovering, developing and commercializing innovative targeted therapeutics and immunotherapies for the treatment of cancer and autoimmune diseases. It has a diverse pipeline of first-in-class/best-in-class selective oral tyrosine kinase inhibitors in development for the China and global markets.
Analysts
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041
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