Hutchison China MediTech (Chi-Med): Innovative pipeline closer to realising its potential
Hutchison China MediTech (Chi-Med) continues to gather momentum as its pipeline gets closer to unlocking its potential. Increased visibility for the three lead assets with multiple catalysts in the next 6 to 18 months suggest significant upside potential. In China, Chi-Med is leveraging its established base to build a fully integrated oncology business, with its c 320-strong China Oncology commercial team set to take over Elunate marketing from October and execute its first unpartnered China launch in Q420 assuming surufatinib approval. A ninth drug candidate discovered in-house (HMPL-306) has entered the clinic in China, while five assets are in development for global markets. The first FDA submission (surufatinib) should start before year-end, with fruquintinib and savolitinib in or approaching global registration trials. Our updated 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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