Edison Investment Research - Hutchison China Meditech (HCM) Hutchison China MediTech - Fruquintinib capsules approved in China

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Edison Investment Research

Susie Jana

Hutchison China MediTech - Fruquintinib capsules approved in China

Hutchison China MediTechâ€™s (HCM) lead TKI asset, fruquintinib, has received China registration approval from the National Medical Products Administration of China (NMPA) for the treatment of CRC (third line). The approval serves as a major validation of the R&D innovation strategy, which HCM has cultivated over the years. This is the first innovative drug for an oncology indication, discovered and developed in China through a randomized clinical trial, to be unconditionally approved in that country. We expect launch in China by HCM and partner Eli Lilly during Q418. The approval has triggered a $13.6m milestone payment to HCM from Lilly. Our revised valuation is Â£74/ share.

18/09/2018 3 EN

Underlying

Hutchison China Meditech

Hutchison China MediTech is engaged in researching, developing, manufacturing and selling pharmaceuticals and healthcare products. Co. has research and development facilities and manufacturing plants in Shanghai and Guangzhou in the People's Republic of China and sells its products mainly in the PRC and Hong Kong. Co. operates two operating segments. The Innovation Platform focuses on discovering and developing therapeutics in oncology and autoimmune diseases, and the provision of research and development services. The Commercial Platform involves the manufacture, marketing and distribution of prescription and over the counter pharmaceuticals as well as consumer health products.

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KYG4672N1016 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Susie Jana

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Hutchison China MediTech - Fruquintinib capsules approved in China

HUTCHMED (China) Ltd: 1 director

Hutchison China MediTech - Elunate receives China NRDL inclusion

Hutchison China MediTech - Elunate receives China NRDL inclusion

Zalaris - Continuing contract momentum in FY24

BlackRock Sustainable American Income Trust - Unique value/ESG fund at an attractive valuation

Northern Data Group - Continued progress as a diversified HPC provider

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