The application for savolitinib, its third lead asset developed for the treatment of non-small-cell28 Jun 2020 15:37
The application for savolitinib, its third lead asset developed for the treatment of non-small-cell lung cancer, was accepted for review in China in May, where it hopes to produce it next year, and is in late-stage trials globally. Since 2011, Chi-Med has worked in partnership with Astrazeneca, the giant FTSE 100 pharmaceuticals group, which holds the global rights, including in China, as part of a royalty arrangement. The regulatory progress has continued this year, despite the pandemic.
The strategy has been “trailblazing” in China, where most Chinese biotech companies are either creating “me-too” products or are selling innovative drugs developed overseas in China, as Chi-Med also does. Selling third-party products, such as Astrazeneca’s Seroquel antipsychotic, has helped Chi-Med to generate $300 million to reinvest in its pipeline and a 3,000-strong sales team.
Over the next decade Mr Hogg expects increasing numbers of Chinese biotech companies to create novel drugs that are sold throughout the world. Chi-Med has benefited from being at the forefront of a rapidly transforming industry in China over the past decade, but the progress is particularly pleasing as it has faced significant challenges. Its market capitalisation fell to about £20 million and its share price tumbled by 90 per cent from its float price during the financial crisis, three years after it was listed.
Despite the deep pockets of its founders, Hutchison has remained disciplined in its investment and Chi-Med was “never given free rein to spend blank cheques, we had to go out and find money”, including via its partnerships with Big Pharma.
“During these difficult times, we kept fighting,” something that Mr Hogg learnt on the rugby field from his childhood in the Scottish Borders and university days at Edinburgh, where he played for the Watsonians club with Scott and Gavin Hastings, the famous Scottish rugby international brothers. He also played for Scotland’s under-21 side. As well as returning to China, he also is keen to get back to Scotland, with his French wife and three sons, to see his 89-year-old father — but that, like Shanghai, may have to wait a wee while. “It’s probably not the wisest move right now.”
Q&A
Who is your mentor? I don’t have a mentor per se, but I take much inspiration and advice from a broad group of people all around me
Who do you most admire? People who are willing to lay it all on the line, over long periods. People with profound natural and emotional intelligence. We have many such people in and around Chi-Med
Does money motivate you? I’m more motivated in getting life-changing drugs to patients. If we do that, rewards follow for all stakeholders
What does leadership mean to you? Clear vision and ability to get all around you to pull in the same direction with integrity and tenacity
What has been the most important moment in your career? There have been many, but the approval of our first cancer drug in 2018 was the cul
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