Baring Private Equity Asia invests $100m
Lighthouse | 8 April 2021
Trinity Delta view: This $100m equity raise provides a useful reminder of the progress HUTCHMED is making across multiple fronts and ensures that sufficient funding is in place to maintain momentum. 2021 will see tangible signs of the value of its R&D organisation as the Oncology/Immunology commercial operations are expected to generate $110m-$130m in revenues. We see scope for significant upside potential from expected increased visibility for the three lead assets, both clinically and commercially, over the next six to 18 months, as well as the progress of earlier stage programmes, particularly HMPL-689 and HMPL-523. Our valuation, updated for the raise, is $6.37bn ($42.80 per ADS) or £4.90bn (658p/share) vs $6.27bn ($43.10/ADS) or £4.83bn (663p/share) previously. This is based on conservative assumptions, with the anticipation of further value uplifts as progress is achieved.
8 April 2021
|Price (US ADS) (UK share)||$28.51|
HUTCHMED (Hutchison China MediTech 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.
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