ESMO 2020: SANET-p delivers further positive suru data
Update | 22 September 2020
Data from China Phase III SANET-p study of surufatinib in pancreatic neuroendocrine tumours (pNET) was presented at the European Society of Medical Oncology (ESMO) 2020 virtual meeting. SANET-p was terminated early (January 2020) having already met its progression-free survival (PFS) primary endpoint at the planned interim analysis. At ESMO this was revealed to be an investigator assessed PFS of 10.9 months for surufatinib vs 3.7 months for placebo (hazard ratio = 0.49, p=0.0011). The China NDA for pNET, surufatinib’s second indication, has been accepted for review with a 2021 approval decision anticipated. First China approval, in extra-pancreatic NET (epNET), is expected this year. Surufatinib will be Hutchison China MediTech’s (Chi-Med’s) first unpartnered oncology drug launch in China, and likely also in the US as NDA filing should start by end-2020. Our valuation is £5.87/share or $38.17/ADS.
|Year-end: December 31||2018||2019||2020E||2021E|
|Adj. PBT (US$m)||(86.7)||(141.1)||(202.6)||(188.3)|
|Net Income (US$m)||(71.3)||(103.7)||(132.9)||(141.3)|
|Earnings per ADS (US$)||(0.57)||(0.80)||(1.00)||(1.02)|
|Adj. EBITDA (US$m)||(69.7)||(100.7)||(121.7)||(125.2)|
22 September 2020
|Price (UK share) (US ADS)||514p|
|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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