Hutchison China MediTech (Chi-Med) (NASDAQ:HCM) is an innovative biopharma company focused on the highly lucrative global oncology and immunology markets. HCM has built a substantial pipeline of potential first-in-class or best-in-class tyrosine kinase inhibitor (TKI) drugs, some of which are in development with strategic partners. HCM’s profitable Chinese healthcare business continues to benefit from the fast-growing domestic market. We expect progress of the mid- to late-stage pipeline during 2016-17 (including US and China regulatory filings) to catapult the company into the international spotlight. We re-initiate with a value of $2.3bn, or £25.8 share.
Innovation Platform: Rich and deep R&D pipeline
By mid-2016 the Innovation Platform (IP) unit will have eight internally developed TKIs spanning 25 clinical trials, including three compounds in late-stage development. Potential regulatory filings for savolitinib (partner AstraZeneca (NYSE:AZN)) for renal cancer and fruquintinib (partner Lilly) for colorectal cancer in late 2016/early 2017 could pave the way for possible fast-tracked China fruquintinib and US savolitinib launches (if awarded breakthrough therapy designation) in 2017. Established partnership deals provide validation of the pipeline, and non-partnered assets could provide licensing opportunities.
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