AACR 2020: first surufatinib/PD-1 combo data
Update | 30 April 2020
Data from early stage surufatinib trials was presented at the American Academy of Cancer Research (AACR) 2020 virtual meeting. Preliminary Phase I data of surufatinib in combination with PD-1 inhibitor toripalimab indicated the combination was safe, well-tolerated, and had encouraging anti-tumour activity. In the 29/30 evaluable patients (April 10, 2020 cut off) the overall response rate (ORR) was 34.5% (one complete response, nine partial responses) with a disease control rate (DCR) of 79.3%. For patients with neuroendocrine neoplasms (NEN, n=21), ORR was 33.3% (one CR, five PR, one unconfirmed PR) and DCR, 80.9%. Separately, a second presentation highlighted similar safety/toxicity and PK profiles between Chinese and US patients in the respective Phase I/II surufatinib monotherapy studies. Subject to regulatory approval, in H220 Hutchison China MediTech (Chi-Med) intends to both launch surufatinib monotherapy in its first indication in China and to embark on global pivotal trials. Ahead of these catalysts, our valuation is £5.08/share or $32.99/ADS.
|Year-end: December 31||2018||2019||2020E||2021E|
|Adj. PBT (US$m)||86.7||141.1||202.6||190.3|
|Net Income (US$m)||(71.3)||(103.7)||(166.5)||(151.1)|
|Earnings per ADS (US$)||(0.57)||(0.80)||(1.22)||(1.11)|
|Adj. EBITDA (US$m)||(69.7)||(100.7)||(157.1)||(133.5)|
30 April 2020
|Price (UK share) (US ADS)||331p|
|Shares in issue (shares)|
Hutchison China MediTech is a Hong Kong headquartered biopharma focused on discovering, developing, and commercialising innovative targeted therapeutics and immunotherapies to treat cancer and autoimmune disease. 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.
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