LONDON, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Hutchison China MediTech’s (HCM) lead TKI asset, fruquintinib, has received China registration approval from the National Medical Products Administration of China (NMPA) for the treatment of CRC (third line). The approval serves as a major validation of the R&D innovation strategy, which HCM has cultivated over the years. This is the first innovative drug for an oncology indication, discovered and developed in China through a randomized clinical trial, to be unconditionally approved in that country. We expect launch in China by HCM and partner Eli Lilly during Q418. The approval has triggered a $13.6m milestone payment to HCM from Lilly. Our revised valuation is £74/ share.

We have updated our model for the approval of fruquintinib capsules in China, including the $13.6m milestone payment and roll forward our DCF. Our revised valuation of HCM is $6.5bn or £74.0/share from $6.4bn or £73.3/share previously.

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