Hutchison China MediTech (Chi-Med): ESMO 2020: SANET-p delivers further positive suru data
Data from China Phase III SANET-p study of surufatinib in pancreatic neuroendocrine tumours (pNET) was presented at the European Society of Medical Oncology (ESMO) 2020 virtual meeting. SANET-p was terminated early (January 2020) having already met its progression-free survival (PFS) primary endpoint at the planned interim analysis. At ESMO this was revealed to be an investigator assessed PFS of 10.9 months for surufatinib vs 3.7 months for placebo (hazard ratio = 0.49, p=0.0011). The China NDA for pNET, surufatinib’s second indication, has been accepted for review with a 2021 approval decision anticipated. First China approval, in extra-pancreatic NET (epNET), is expected this year. Surufatinib will be Hutchison China MediTech’s (Chi-Med’s) first unpartnered oncology drug launch in China, and likely also in the US as NDA filing should start by end-2020. Our valuation is £5.87/share or $38.17/ADS.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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