Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: The timing of the fund raise follows hot on the heels of data presented at the ASCO 2021 conference and updates at a recent investor event on several new late-stage programmes to be initiated which highlighted the strength and depth of HUTCHMED’s late-stage pipeline. The in-house discovery platform has generated 10 tyrosine kinase inhibitors that have progressed into the clinic: both as monotherapy and, importantly, in combinations, in China and globally. The first product wave is embarking on pivotal global studies and has either secured or is pending first approvals in China, with the next wave progressing through proof-of-concept trials into potential registration enabling studies. 2021 will see tangible signs of the value this has unlocked as the Oncology/Immunology commercial operations are expected to generate $110m-$130m in revenues. In line with our policy, we are suspending our forecasts and valuation until the offer is completed. For context, our valuation was $6.37bn ($42.80 per ADS) or £4.90bn (658p per share). We shall reinstate updated forecasts and valuations as soon as practicable.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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