Hutchmed (China) Limited Stock Price, News & Analysis

HUTCHMED (HCM) has announced a global offering of 104 million new ordinary shares priced at HK$40.10 per share, equating to approximately US$25.82 per American depositary share (ADS). This offering aims to amass gross proceeds of around HK$4.17 billion. The funds will primarily support late-stage clinical programs and enhance commercialization capabilities. Trading is expected to commence on the Hong Kong Stock Exchange on June 30, 2021. An over-allotment option allows the issuance of up to an additional 15.6 million shares, enhancing the company's capacity for future growth.

HUTCHMED announced that its oral MET inhibitor, savolitinib, received conditional approval from China's NMPA for treating non-small cell lung cancer (NSCLC) patients with MET exon 14 alterations. This marks the first global regulatory approval for savolitinib. The approval was based on a successful Phase II trial demonstrating effective tumor response. A confirmatory study is required for full approval. HUTCHMED's CEO emphasized the significance of this milestone as part of their collaboration with AstraZeneca, dating back to 2011, to advance targeted cancer therapies.

HUTCHMED announces that surufatinib has received approval from the National Medical Products Administration in China for treating advanced pancreatic neuroendocrine tumors (pNETs), following a previous approval for extra-pancreatic neuroendocrine tumors (epNETs) in December 2020. The approval was based on positive results from the Phase III SANET-p trial, which showed a 51% reduction in the risk of progression or death. With surufatinib marketed as Sulanda, the company plans to expand its oncology treatment reach in China, where there are an estimated 300,000 NET patients.

HUTCHMED (HCM) announced its Hong Kong public offering alongside a global offering of 104 million new ordinary shares. The offering includes 13 million shares for the Hong Kong Public Offering and 91 million for international investors, with a maximum offer price set at HK$45.00 per share. Cornerstone investors, including The Carlyle Group and Canada Pension Plan, have committed to investing approximately HK$2.535 billion. Proceeds will primarily fund late-stage clinical programs and enhance commercialization capabilities. The Hong Kong Public Offering operates an electronic application process and runs from June 18 to June 23, 2021.

Innovent Biologics and HUTCHMED announced Phase 1b results for the combination of TYVYT® (sintilimab) and ELUNATE® (fruquintinib) in advanced colorectal cancer at the ASCO Annual Meeting. The study involved 44 patients with prior treatment failures, showing an objective response rate of 22.7%. Median progression-free survival was 5.6 months overall, with 6.9 months for the 5mg-intermittent dosage group. The safety profile was manageable, suggesting potential for future trials.

HUTCHMED (Nasdaq/AIM: HCM) will present updates on its ongoing studies of savolitinib, surufatinib, fruquintinib, and HMPL-306 at the ASCO21 Virtual Scientific Program from June 4-8, 2021. Key data will include analyses of savolitinib's efficacy in MET-driven metastatic renal cancer, interim results of surufatinib in neuroendocrine tumors, and preliminary findings on fruquintinib in advanced colorectal cancer. A corporate update will be provided in a call on May 26, 2021, at 9 a.m. EDT.

HUTCHMED will host a virtual investor update on May 26, 2021, at 8 a.m. EDT. Senior management will discuss product launches in China, US commercialization plans, R&D updates, and new data from the 2021 ASCO Annual Meeting. Investors can join via a live audio webcast; a replay will be available for 90 days. Following the presentation, a Q&A session will be held, with a second session for Asian investors on May 27. HUTCHMED is focused on innovative treatments for cancer and immunological diseases and has advanced ten drug candidates into clinical studies.

HUTCHMED (Nasdaq/AIM: HCM) announces that its CEO, Mr. Christian Hogg, will join a virtual fireside chat at the Bank of America 2021 Health Care Conference on May 11, 2021, at 8:00 a.m. EDT. The event will be live-streamed, and a replay will be available for 90 days. Additionally, senior management will participate in virtual one-on-one meetings at various upcoming conferences, including the MS Virtual Asia Healthcare Conference and Jefferies Virtual Global Healthcare Conference. HUTCHMED focuses on developing targeted therapies and immunotherapies for cancer treatment.

HUTCHMED (China) Limited (Nasdaq/AIM: HCM) has officially changed its name, consolidating its corporate identities into HUTCHMED (China) Limited, effective April 29, 2021. Trading under the new name will begin on May 5, 2021. The stock symbol and related identifiers remain unchanged. Shareholders are advised that their shareholdings will not be affected and existing share certificates remain valid. This name change reflects the company’s history and brand equity accumulated over the past twenty years. For more details, visit hutch-med.com.