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7 Mar 2017 11:49
Edison Investment Research Limited / Key word(s): Research Update/Final Results Edison issues update on Hutchison China Meditech (HCM) 07-March-2017 / 12:48 GMT/BST London, UK, 07 March 2017 Edison issues ADR update on Hutchison China Meditech (HCM) Hutchison (HCM) and partner Lilly announced positive, top-line pivotal phase III trial results for fruquintinib in 3rd line colorectal cancer. The China based FRESCO study evaluating 416 patients who had failed at least two prior chemotherapies in CRC demonstrated a clinically meaningful and statistically significant increase in both overall survival and progression-free survival compared to placebo. Consequently, HCM is preparing for a China NDA submission mid-2017; this represents the first China based oncology innovation to succeed at Phase III. We expect the full data to be presented at the 53rd American Society of Clinical Oncology Meeting (ASCO) 2 to 6 June 2017. Our valuation remains unchanged at $2.4bn. Our SOTP valuation remains unchanged at $2.4bn ($20.1/ADS). IP is valued at $1,789m and placing the commercial platform's (CP) 2016e share of net profit on a 22.5x rating gives $657m ($5.4/ADS). Adding net cash at end June 2016 and netting out unallocated costs results in a value of $2.4bn. Approval(s), clinical data and/or deals should increase our risk-adjusted valuation.Click here to view the full report. All reports published by Edison are available to download free of charge from its websitewww.edisoninvestmentresearch.com. About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. Contact details: Learn more at www.edisongroup.com and connect with Edison on:
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551147 07-March-2017
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