Hutchison Medicine will restart the Hong Kong stock IPO plan?
On March 17, Hutchison Pharmaceuticals (Nasdaq/AIM: HCM) will respond to the above news in the 2020 global performance and latest business progress online communication, saying that Hutchison Pharmaceuticals continues to pay attention to market conditions in order to seek re-listing opportunities, such as Hong Kong And other securities markets such as Shanghai.
According to official website information, Hutchison Medicine is an innovative biopharmaceutical company dedicated to the development of targeted therapies and immunotherapies for the treatment of cancer and immune diseases. It has previously been listed on the Nasdaq and the London Stock Exchange. In 2019, Hutchison Medicine had planned to conduct an IPO in Hong Kong in June of that year, raising about 500 million U.S. dollars, and then suspending the process. The specific reason has not been announced.
At the press conference, Christian Hogg, CEO of Hutchison Medicine, said that in the past 12 to 18 months, Hutchison Medicine has seen great development in Shanghai’s sci-tech innovation board and is very interested. The stock exchanges in Shanghai and Hong Kong both provide financing opportunities. Biotechnology companies such as Hutchison Medicine can raise funds for further development. Hutchison Medicine will continue to pay attention to the development of the exchange.
Zheng Zefeng, chief financial officer of Hutchison Medicine, emphasized that Hutchison Medicine’s next listing plan is still in the discussion stage and there is no specific plan. Hutchison Medicine is always looking for the best time.
At this online communication meeting, the senior management of Hutchison Pharmaceuticals also introduced the latest financial results for 2020.
Financial data shows that Hutchison Pharma’s 2020 annual revenue was US$228 million, an increase of 10.13% year-on-year, of which the combined revenue of oncology and immunization business was US$30.2 million, an increase of US$3.4 million from the US$26.8 million in 2019. The production income, promotion and marketing service income and royalty income of the national class 1 targeted anti-cancer drug Fruquintinib, which is used to treat advanced colorectal cancer, totaled 20 million U.S. dollars.
Hutchison Pharmaceuticals has a net loss of US$125.7 million in 2020, which is an increase from US$106 million in 2019. This is related to its increased R&D investment. According to the 2020 financial report, Hutchison Pharmaceutical’s R&D expenditures have increased to 174.8 million U.S. dollars, mainly for the expansion of ten innovative drug candidates, six of which are being developed globally.
In the product pipeline of Hutchison Medicine, in addition to Fruquintinib and Sofatinib that are already on the market, Servotinib for the treatment of non-small cell lung cancer has also submitted a new drug listing application in China, and the review is currently in progress.
In addition to self-developed products, Hutchison Medicine is also exploring the combination therapy of Fruquintinib and Sofatinib with the PD-(L)1 drugs of Junshi Biologics, BeiGene and other companies.
Su Weiguo, chief scientific officer of Hutchison Medicine, told The Paper (www.thepaper.cn) reporter that Hutchison Medicine has basically established cooperative relationships with most of the PD-(L)1 drugs that have been approved for marketing in China. There are other differentiated PD-(L)1 drugs that have been approved for special effects on certain tumors. In the future, Hutchison Medicine will continue to explore combined treatments with other PD-(L)1 drugs.
Su Weiguo further added that different PD-(L)1 have great differences in efficacy and side effects, and they cannot be simply interchanged. The combined PD-(L)1 therapy that has entered the registration study is currently in the dose They are very fixed in terms of medication and medication methods. I hope that the registration research will achieve better results, and eventually be listed, or even enter the medical insurance. This will not only promote the market and sales of Hutchison Medicine’s own products, but also bring benefits to more patients.