Trinity Delta First ATTC deal: GSK $110m upfront for KRAS/EGFR

First ATTC deal: GSK $110m upfront for KRAS/EGFR

Lighthouse | 4 September 2026

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HUTCHMED has struck its first licensing deal from its promising ATTC (antibody-targeted therapy conjugate) platform. GSK gains global rights (excluding Mainland China, Hong Kong, Macau and Taiwan) to develop and commercialise HMPL-A830 for an initial $110m upfront payment, with development, regulatory, and commercial milestones bringing this up to a potential $1,295m, plus small, tiered royalties on net sales. HUTCHMED remains responsible for Phase I studies, expected to start in H226, before GSK assumes responsibility for future development in its licensed territories. GSK also has first right of negotiation to one earlier stage ATTC candidate.
HMPL-A830 is the third first in class programme in the ATTC pipeline. ATTCs combine the target specificity of a mAb (monoclonal antibody) with a proprietary small molecule targeted therapeutic to overcome the challenges of existing antibody-drug conjugates (ADC). HMPL-A830 consists of a proprietary highly selective and potent small molecule KRAS inhibitor, coupled with a targeted EGFR antibody. The goal of such dual mechanisms is to improve efficacy, reduce toxicities, and minimise tumour resistance. KRAS/EGFR expression is commonly found in many high incidence tumours such as colorectal, lung, and pancreatic cancers.
The ATTC platform is central to HUTCHMED’s broader growth strategy and leverages its small molecule inhibitor expertise and extensive knowledge of oncogenic drivers of disease, developed over the past two decades. The two clinical programmes, currently in Phase Ia/II, are HMPL-A251 (a PI3K/PIKK-HER2 ATTC targeting HER2) and HMPL-A580 (a PI3K/PIKK-EGFR ATTC targeting EGFR). HUTCHMED aims to have five ATTC/biologics candidates in the clinic by end-2027, with simultaneous China and global development.
The $110m upfront payment from GSK from this first ATTC deal will contribute to HUTCHMED’s unchanged Oncology/Immunology FY26 revenue guidance of $330m-$450m. And, important as the ATTC platform is to HUTCHMED’s longer term future, the recent positive efficacy data for the savolitinib (Orpathys) and Tagrisso combination in the Phase III SAFFRON (global) and SANOVO (China) trials highlights the strength of HUTCHMED’s oncology expertise. Progress is continuing across many fronts with multiple catalysts expected over the coming 12-18 months.

Trinity Delta view: The first ATTC deal, with a major pharma player such as GSK (Glaxo SmithKline), provides clear external validation of the ATTC platform’s clinical and commercial attractions, and accelerates the global development of HMPL-A830. The terms of the agreement form a valuable benchmark for similar future out-licensing. We maintain our view that HUTCHMED is a unique opportunity in biopharma, with a broad pipeline of differentiated oncology/immunology assets, global ambitions supported by large pharma partners, proven commercial execution in China yielding a growing top line, all balanced with shrewd investment. Our most recent HUTCHMED valuation was $5.80bn/£4.54bn/ HK$45.27bn, or $33.27/ADS and 520p/HK$51.90 per share.

Lighthouse

4 September 2026


Price (US ADS) (UK share) (SEHK share)	$14.11 209.0p HK$21.88
Market Cap	$2.45bn £1.82bn HK$19.01bn
Exchanges	NASDAQ AIM London SEHK
Sector	Healthcare
Company Codes	HCM HCM.L 0013.HK

Corporate client	Yes

Company description

HUTCHMED is a Hong Kong headquartered biopharma focused on discovering, developing and commercialising innovative targeted therapeutics and immunotherapies to treat cancer and immunological diseases 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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