Report
Franc Gregori ...
  • Lala Gregorek
  • Mick Cooper

Chi-Med: 2020 set to be the “breakthrough” year

Hutchison China MediTech (Chi-Med) has achieved several significant milestones recently, with the early halt for efficacy of surufatinib in the SANET-p study being the latest. Surufatinib will be the first wholly owned asset to be approved and planning for the required commercial infrastructure is well advanced. The other clinical pipeline assets are also progressing well. Notably, savolitinib, partnered with AstraZeneca, is seemingly set to carve out a valuable role in managing Tagrisso’s lifecycle. Chi-Med has raised up to c $126m in equity to help advance the multiple clinical opportunities. We have yet to update our estimates and valuation for these recent developments; our existing pre-money valuation is $4.74bn ($35.57/ADS) or £3.65bn (£5.47/share).
Underlyings
CK Hutchison Holdings Ltd

CK Hutchison Holdings is an investment holding group based in Hong Kong. Co.'s businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Co.'s core business are organized along four segments: Property (sales, leasing, property management and development); Hutchison Whampoa (ports, property and hotel, retail, infrastructure, energy and telecommunications); Life Sciences (health and agriculture related products) and Other Investments.

Hutchison China MediTech Limited

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.

Provider
Trinity Delta
Trinity Delta

We are experienced healthcare and life sciences analysts providing the highest quality service to companies in these sectors and to investors. We have expertise in the fields of the biotech, medtech , specialty pharma and consumer health sectors.

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Analysts
Franc Gregori

Lala Gregorek

Mick Cooper

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