29th Sep 2021 11:08
(Alliance News) - Hutchmed (China) Ltd on Wednesday said it has completed the sale of its stake in one of its drug joint venture businesses for USD169 million to focus on investment in its oncology and immunology assets.
The Hong-Kong based pharmaceutical company has sold its entire indirect interest in over-the-counter drug business Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Co Ltd (HBYS) to GL Mountrose Investment Two Ltd, a company controlled and managed by GL Capital Group.
From the USD169 million aggregate amount, around USD127 million has been received by Hutchmed so far, with the USD42 million balance pending distribution of HBYS's declared dividends.
According to Hutchmed, the aggregate amount represents around 22 times HBYS's adjusted net profit attributable to Hutchmed's equity of USD7.7 million in 2020.
Also on Wednesday, Hutchmed presented data from its surufatinib and fruquintinib phase 2 trials.
The data comprised four different studies. Most patients, including 100% in two of the studies, experienced treatment-related adverse reactions from the drugs, such as hypertension and amylase.
Hutchmed launched a study earlier this month into the combined use of surufatinib and toripalimab in patients with advanced neuroendocrine tumours who don't respond well to first-line chemotherapy.
Hutchmed holds all rights to surufatinib worldwide and the rights to fruquintinib outside of China.
Hutchmed (China) shares were up 1.7% at 547.00 pence in London on Wednesday.
By Josie O'Brien; [email protected]
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