Trinity Delta Lighthouse: Hutchison China MediTech (Chi-Med)
Trinity Delta view: The positive result from the SANET-p study suggests that not only could an approval for a second indication follow in close succession, but that surufatinib could be uniquely positioned as a targeted therapy that can effectively treat a broad spectrum of advanced NET types.Acceptance of the China NDA filing for surufatinib in epNET and the grant of Priority Review status in Q419 means that it is on track for potential first approval in late-2020. Surufatinib will be the first approved and marketed product where Chi-Med holds worldwide rights, and it would be launched and commercialised through its own China Oncology commercial organisation. Chi-Med recently initiated a China Phase II trial evaluating surufatinib in combination with PD-1 inhibitor Tuoyi, and has global plans for surufatinib monotherapy with a US/Europe Phase III registration study in NET planned to initiate in H120.
We currently value Chi-Med at $5.14bn ($38.55/ADS) or £3.95bn (£5.93/share), although our assumptions for surufatinib in p-NET will be reviewed following the positive outcome of the SANET-p trial.
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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