General Atlantic invests $100m at 10% premium
Lighthouse | 25 June 2020
Trinity Delta view: The equity raise at a 10% premium is a valuable validation of Chi-Med’s progress. The clinical pipeline continues to deliver, with the next wave of product candidates preparing to enter the clinic. Commercial traction in China is beginning to translate into meaningful revenues, with further product launches and regulatory filings due in the near-term. The infrastructure is being established to support the global development pipeline. Looking over the next few years, we see a number of value inflection points arising, and Chi-Med is well-funded to maintain its investment. Updating our current valuation of $4.56bn ($32.99/ADS) or £3.51bn (508p/share) for the new funds raised, and factoring in dilution, translates into a new Chi-Med valuation of $4.69bn ($33.00/ADS) or £3.61bn (508p/share). We intend to revisit our model following H120 interims in July.
22 June 2020
|Price (US ADS) (UK share)||$25.00|
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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