The significant potential of HUTCHMED’s proprietary ATTC platform as a novel therapeutic class was further highlighted by new data at the American Association of Cancer Research (AACR) meeting. ATTCs are designed to circumvent the toxicity limitations of ADCs by combining a targeting antibody with a small molecule targeted drug payload. Two ATTC assets, HMPL-A251 and HMPL-A580, are in Phase I, with first clinical data keenly anticipated by potential partners and investors. Multiple other catalysts are expected over the next 15 months, with near- and mid-term China revenue growth likely to be driven by regulatory decisions on new products and new indications for existing products. Ex-China, partner AstraZeneca has guided towards Phase III SAFFRON top-line data in H226, with savolitinib remaining on track to become HUTCHMED’s second global asset. Our updated HUTCHMED valuation is $5.80bn/£4.54bn/HK$45.27bn, or $33.27/ADS and 520p/HK$51.90 per share.
