At the recent IASLC World Conference on Lung Cancer, Hutchison China MediTech Ltd (NASDAQ:HCM) published positive proof of concept data in NSCLC on key assets fruquintinib and epitinib. Affirmative data not only translates to further pipeline progression but critically underpins the R&D effort at HCM, fuelling the prospects of a fruquintinib regulatory filing in China in 2018. In 2017 we anticipate the initiation of three more pivotal trials, further data from the mid- to late-stage pipeline, including savolitinib data (papillary renal cell carcinoma, PRCC, and non-small cell lung cancer, NSCLC), and importantly potential China/US NDA submissions. We value HCM at $2.4bn or £32.2 share.
Spotlight on NSCLC: New data at IASLC WCLC
The recent proof of concept data published at IASLC WCLC in both the Phase II NSCLC trial with fruquintinib and the Phase Ib NSCLC trial with epitinib is highly encouraging. Importantly HCM has three TKIs in clinical development for NSCLC; each drug has a specific positioning and is truly differentiated: savolitinib (C-Met), fruquintinib (VEGFR) and epitinib (EGFR). Savolitinib has potential to be HCM’s first internationally launched asset (expect launch in US/EU/Japan in 2018). Depending on the strength of the NDA submission packages and speed of China FDA, we anticipate fruquintinib launch in China in 2018 and epitinib in 2019/20.
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