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I suppose it gives us more confidence that we have not all been missing something and this is not just another value trap where SoTP calculation gradual falls apart. Surely the patience of the existing IIs must be at an end and want their payday.

Intriguing to know the source of the 12m shares and whether any games were being played to keep the SP down

Has anyone seen any evidence that this combination is being actively marketed in China, the approval was 30 June 2025, yet the sales rate does not seem to have changed at all. Jatw- agree about failing to announce Sameta failure, I had noticed that it had disappeared from the last update and assumed the worst - poor. Seems strange that the CEO situation has not been clarified just underscores a sense of drift here, may be something happening "under the bonnet" - I live in hope! Adding zero to your SP in 10 years since the US listing is not a good look.

....and no doubt be met with complete indifference by the market!

At one point earlier last year the company was expecting to sort the financing by the end of 2025. I do not know how difficult or how long it takes in the current market to find backers, negotiate a deal and complete due diligence, documentation etc, however with other deals being announced elsewhere it looks as though financing is out there for the right product. By the tone of the presentations you would expect that backers would be knocking on PRTC;s door but that does not seem to be the case here.

All sounds good sense, it has been evident for sometime that AZ has had Savo in the slow lane. HCM must be frustrated at the way the AZ partnership has worked out although they have to keep smiling. Go back 10 years or so and HCM had high hopes of material revenues from savo as a monotherapy which will never happen.

It is good to see ex china fruquintinib sales growing nicely although cannot see that Takeda have any trials in progress to extend the label.

The orpathys sales number at $28m for the year look disappointing considering the combo treatment in 2nd line was approved on 30/6. As you said, it does not seem to have driven any uplift bearing in mind in market sales were $15m in H1 2025. I assume AZ would have been marketing the combo treatment straight after approval.

As you say the commercial target looks very small, perhaps why the NDA is supported by a Phase 2 open label trial, no pharma could justify doing a full Phase 3 trial- seems a bit desperate. Surely they must resolve the CEO situation shortly. The SP performance here is awful, the ADRs listed on Nasdaq at $13.2 in Q! 2016 and today, nearly 10 years later, are $13.20 !

Not a great time to only have an acting CEO when biotech markets are re-opening after a long "drought".

The sales numbers for Orpathys are dismal, surely the market for the approved indications should drive more sales than this. I asked Chatgpt for orpathys competitors in china and it came back with Haiyitan (gumarontinib) which is a cheaper alternative, has similar efficacy and approved in !st line. It is also pursuing combination strategy with Tagrisso and is in late stage trials. As you say , it looks as though AZ has had Orpathys in the slow lane to extend the life cycle of Tagrisso and the monotherapy commercial opportunity has largely gone. Looking back at the annual accounts Savo, or Volitinib as it was known then, entered Phase 1 trials in 2012. Let's hope that HCM eventually gets a decent return from the global combo sales.

The sales recovery from Q2 drop looks painful, I see Elunate was still 20% down YOY in Q3 Lilly numbers.

803 - SCP schroder mid cap fund picked up a stake earlier this year

A merger sounds attractive but I think it will be a struggle for there to be a meeting of minds on the value of HCM. I am sure the controlling shareholder will believe that the intrinsic value of HCM is far higher than the current SP suggests, as time passes I become increasingly less certain about who is right and who is wrong!

It surprises me that the controlling shareholder had not come to the same conclusion ages ago, that new blood was required at the top. Whatever Mr Su's merits as a scientist, he never looked comfortable to me in the CEO role. I have been a shareholder since 2010 and in those days both Savo and Fruq were hinted as being potential blockbusters, this is highly unlikely now. The "first wave of innovation" is turning into a ripple and the 2nd wave is stuttering. In the end both Eli Lilly and AZ did not rate Fruq and Savo highly enough to give them development priority.

It goes without saying that all holders here would love that to be true but realistically Dallo's guestimate of a takeout at £2.50 to £3.00 looks a more likely outcome. There must be too many big shareholders who just want to get this serial SP underperformer off their portfolio reports!

The news just gets worse, the company has announced that Weiguo Su is taking leave of absence for health reasons. Interim CEO is current CFO, another Hutch lifer.

Dallo

You are probably right, maybe wishful thinking on my part. I rather thought BMS would be the natural buyer of the residual Cobenfy royalty rights and might buy out our interests albeit for a smallish sum. Wholly owned Gallop and Celea would go to sector specialists at suitable development points. The minority shareholdings in Seaport and Vedanta might be more complicated unless PRTC cashes out on a flotation, I am no expert but presume there are shareholder agreements with pre-emption rights and change of control terms to protect minority shareholders and give them some say over new shareholders.

Anyway, the recent seemingly irrational SP declines feel like a re-run of previous periods before an RNS drops about a low ball PE offer which the board has rejected, or, maybe not this time!

I agree JSB that this maybe the plan, except I hope that they will liquidate the company themselves say over a 2 year period and distribute the proceeds piecemeal to long suffering shareholders rather than giving a large chunk of the upside to PE. There are examples of investment trusts selling off their assets to maximise proceeds for existing shareholders when the board finally accept that there is insufficient demand for the trust's shares - Riverstone Energy (just starting) and Electra come to mind.

Correction - that should 50% to 5% of the JV

The prescription drugs distribution is a low margin business which is reported as part of "Revenue - Other ventures" and "cost of revenue" lines in the P&L. It is a separate entity and unrelated to the disposal, I think HCM want to hold onto as it is part of the infrastructure to distribute their own prescription drugs. SHPL is a joint venture which manufactures and sells OTC medicines and the HCM share of the net profit is reported lower down the P&L under the line "Equity in earnings of an equity investee, net of tax". This is the line that will largely disappear now they have reduced their stake from 50% to 45 % of the JV.

Feels like this applies to HCM as well.