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Selecting the right partner is fraught with difficulties…..do you go with a leading oncology operation that has all the right contacts but may have its own competing product? Or a challenger that does not have the product or the distribution as fully in place…..and that is before considering whether this is a single or multi product deal….and if you go down that route what about buying the whole operation? By partnering you may close the door on better deals in future…..what a conundrum.

Experience with Lilly was poor…they did not get behind Elunate in China. AZ has been so slow at progressing orpathys, but has made a good start to marketing it in China.

But sold heavily after apparently excellent H1 results and a positive statement by the Board.
Crazy..given the inflationary protection of the meter business and the increasing prospects for batteries and other Carbon reduction products.

The big benefit of having a strategic distribution partner is de-risking the sales infrastructure, although a royalty / share of revenues is due to the partner that has to be offset against the costs of setting up distribution and the potential fee…can Hutchmed get a significant upfront cash injection from a big player?

ABDN has nearly sold all its Indian operation…..when it needs cash in future it will start selling PHNX….which I suspect will start to drive PHNX down….
Other views?

2% of HFDC sold today….nearly all gone….will have to start selling Phoenix soon….which will put the skids under that SP.

Have had chance to listen to the presentation and it seems the panel thinks highly of the product….and will be recommending it to patients in preference to other drugs..

In answering One of the last questions Weiguo hinted towards a change in distribution strategy…whereas they had been building US distribution capability they were open to a global partnership to market Fruquintinib…..it seem the Surufatinib delays could have further implications yet to play out…..as they were not planning on going it alone in other territories this may turn out to be a blessing in disguise.

This data makes me think that Lilly made a mistake not to take fruquintinib forward and Hutchmed took a brave decision to increase their stake.

Thanks Davey…..just looking at the slides it seems the majority of pts had been diagnosed more than 18m so may have been in advanced decline which makes me wonder if earlier use would be more beneficial….real world experience needed….
With gains across all segmented results there should be positive vibes for approval across the world. Hoping for approval by the end of 2023…

I hope the small number of African Americans in the study will not be problematic for the FDA…but that should not be an issue for EU or Japan…..

Would those who listened to todays call provide an update on what was said beyond the slide deck.
Were the doctors enthusiastic?

Thank goodness for the weak pound……makes the aim shares performance much better than HK or ADSs.
The MRCT for fruquintinib produced shorter Overall Survival and similar Progression Free survival as the China along with lower overall disease control rates……no doubt the confidence intervals overlap, but interesting if they say there is any other reason (eg starting point worse outside China.

Good that management was able to execute the second deal highlighted in July.

Buying dollar assets may prove to be timely with the dollar seeming heading towards parity with sterling.

Todays FT article contains a comparison of Pru and Aia share prices. In 2022 Pru has underperformed by about 30%.
Either there are real issues with Pru or it s much cheaper than it was relative to aia.
Pru needs a much larger Asian investor base to start closing the gap.

It seems likely the average AUM will be significantly worse in 22/23 hitting fee income….although it is in USD so any further weakness in £v$ will offset lost income….the greater challenge may be remuneration if wages rise significantly ahead of AUM growth from here.
With the shares down 50% and AUM 32% it would seem some worsening in operational performance is already in the price….management sound bullish and seem to have the dividend covered at present which is probably why the sp has risen today.
Strangely I would probably buy if this rises to 230p in the next month for fear of missing out on a strong recovery…..but I don’t see a good reason to buy for now….

DT view is Abdn is cheap but that is no reason to buy….
Core Business deterioration cited as the main reason.

Ignore last comment clearly the US was open today….and HCM fell 5%, so much for the positive news about audit regulation progress.

This is a very welcome development as the forced delisting of Chinese shares from Nasdaq is in no one’s interest.
With the US closed today it will be interesting to see if there is a reaction early next week….or whether any moves wait for firms to be removed from the list of non conforming companies.

Don’t have to look too far for targets…..I expect the recent PE investors would be willing sellers…although I doubt CKHH would be..but who knows.

Another reason to buy AZ….UK is a relatively small part of its business. UK shareholders could get an extra boost in the £ share price if the £ falls further against USD, EUR and RNB.

Great ambition being shown by AZ to transform cancer care…..it has been winning for a while and seems to be getting stronger.
Best days still ahead IMO.

Pru will be part of HSCI from 22 September……hopefully that means more than passive funds becoming buyers and part of a move in the shareholder base towards Asia.
Looking for this to start closing the valuation gap with local players.