SANET-p trial stopped early for efficacy
Lighthouse | 21 January 2020
Trinity Delta view: The positive result from the SANET-p study suggests that not only could an approval for a second indication follow in close succession, but that surufatinib could be uniquely positioned as a targeted therapy that can effectively treat a broad spectrum of advanced NET types.
Acceptance of the China NDA filing for surufatinib in epNET and the grant of Priority Review status in Q419 means that it is on track for potential first approval in late-2020. Surufatinib will be the first approved and marketed product where Chi-Med holds worldwide rights, and it would be launched and commercialised through its own China Oncology commercial organisation. Chi-Med recently initiated a China Phase II trial evaluating surufatinib in combination with PD-1 inhibitor Tuoyi, and has global plans for surufatinib monotherapy with a US/Europe Phase III registration study in NET planned to initiate in H120.
We currently value Chi-Med at $5.14bn ($38.55/ADS) or £3.95bn (£5.93/share), although our assumptions for surufatinib in p-NET will be reviewed following the positive outcome of the SANET-p trial.
21 January 2020
|Price (US ADS) (UK share)||$29.41|
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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