Trinity Delta Lighthouse: Chi-Med
Trinity Delta view: This $100m equity raise provides a useful reminder of the progress Chi-Med is making across multiple fronts and ensures that sufficient funding is in place to maintain momentum. We expect increased visibility for the three lead assets, as well as other commercial and development catalysts, over the next six to 18 months to provide scope for significant upside potential. Updating our current valuation of £4.17bn (£5.87/share), or $5.42bn ($38.17/ADS), for the new funds raised, and factoring in dilution, translates into a new Chi-Med valuation of £4.25bn (£5.84/share) or $5.52bn ($37.95/ADS), with the anticipation of further value uplifts in the coming months.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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