The market value of Hutchison China Meditech (HCM) has waxed and waned since we highlighted the ‘buy’ case in March 2018. Back in October, the group’s share price clicked into reverse after its largest shareholder, CK Hutchison, took its stake in the bio-pharma group below 50 per cent for the first time.
Better news this time around, as the group revealed that it has been able to stop the SANET-p Phase III study in pancreatic cancer NET (neuroendocrine tumor) patients early due to a positive outcome. This builds on the success of an earlier study announced in mid-2019.
Chi-Med has already filed a new drug application (NDA) in China for the non-pancreatic NET indication which was given Priority Review before Christmas. Surufatinib is Chi-Med’s second in-house discovered novel oncology drug to achieve NDA submission in China, and it will be the first drug that the group will launch by itself in the country.
