Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: The highly positive data from the China Phase III SACHI study of savolitinib, with statistically significant PFS benefits and clinically meaningful improvements for 2L EGFRm NSCLC with MET amplification patients, reassure on the upcoming approval decision in China, and help to de-risk the ongoing Phase III SAFFRON study for global approvals, in our view. MET amplification, which is estimated to affect c 35% of 2L patients following 3rd gen EGFR treatment, leads to a poorer prognosis. However, this is underdiagnosed by liquid biopsies compared to tissue re-biopsy, highlighting that a biomarker specific treatment and a precision diagnostic is key. A companion diagnostic is part of partner AstraZeneca’s commercial plan, and this could be a key differentiator for savolitinib in patients with MET amplification. Our HUTCHMED valuation is $5.86bn/ £4.69bn/ HK$45.74bn, or $33.64/ADS or 538p/HK$52.48 per share.
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