Trinity Delta LIghthouse: Hutchison China MediTech
Trinity Delta view: Confirmation of the acceptance of the surufatinib China NDA is an important strategic step for Chi-Med. Subject to regulatory approval, Chi-Med could launch its first wholly owned oncology drug in late-2020, commercialising it through its own China Oncology commercial organisation. Prior to an approval decision, we expect further clinical news flow related to surufatinib in NET during H120, with the interim analysis of the China SANET-p Phase III in pNET and initiation of the US/Europe registration study.We also anticipate various other clinical, regulatory, and commercial catalysts during 2019 and 2020 that will unlock further value. The first is expected to be an imminent NRDL inclusion decision for fruquintinib (Elunate) in 3L CRC. Elunate was approved and launched in China by partner Eli Lilly in H218; NRDL inclusion should significantly boost its market penetration and future revenues. H120 should also see the first savolitinib regulatory submission, with filing of the China NDA for MET exon 14m/del 1L NSCLC. We currently value Chi-Med at $5.14bn ($38.55/ADS) or £3.95bn (£5.93/share).
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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