Trinity Delta Lighthouse: HUTCHMED
Research on GSK plc (GSK:LON) , HUTCHMED (China) Limited Sponsored ADR (HCM:NAS) from Trinity Delta
Trinity Delta view: The first ATTC deal, with a major pharma player such as GSK (Glaxo SmithKline), provides clear external validation of the ATTC platform’s clinical and commercial attractions, and accelerates the global development of HMPL-A830. The terms of the agreement form a valuable benchmark for similar future out-licensing. We maintain our view that HUTCHMED is a unique opportunity in biopharma, with a broad pipeline of differentiated oncology/immunology assets, global ambitions supported by large pharma partners, proven commercial execution in China yielding a growing top line, all balanced with shrewd investment. Our most recent HUTCHMED valuation was $5.80bn/£4.54bn/ HK$45.27bn, or $33.27/ADS and 520p/HK$51.90 per share.
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