Trinity Delta Lighthouse: Hutchison China MediTech
Trinity Delta view: The encouraging result of SANET-ep suggest that surufatinib (previously known as HMPL-012 or sulfatinib) will be the first approved and marketed product where Chi-Med holds worldwide rights. Our base case scenario was that the trial would run to completion (enrolment completing by year-end and top line data in mid-2020), hence our current Chi-Med valuation of $4.742bn ($35.57/ADS) or £3.648bn (£5.47/share) will be reviewed following this positive outcome. We also highlight that we anticipate additional clinical, regulatory, and commercial catalysts during 2019 and 2020 that will unlock further value.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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