Hutchison China Meditech (HutchMed; NASDAQ: HCM, HKG: 0013) has announced a strategic shift to focus on obtaining regulatory approvals for its late-stage product pipelines. The move aims to accelerate profit-making and establish a long-term, sustainable business model for the Chinese biopharmaceutical company.
Focus on Late-Stage Development
HutchMed will prioritize advancing its leading internal drug candidates that have the potential to deliver near-term value. These candidates will be pushed forward for regulatory studies and market filings, with a particular emphasis on the global filing for Elunate (fruquintinib). Following the positive results from the FRESCO-2 study in August 2022, HutchMed is set to file a New Drug Application (NDA) with the US FDA for the VEGFR 1/2/3 inhibitor.
Some early-stage studies will be deprioritized, while other programs will be evaluated for external business opportunities. HutchMed will concentrate its resources on late-stage product pipelines while maintaining its commitment to ethical patient care.
Global Business Development
HutchMed will seek potential partners to support the overseas commercialization of its products and enhance global business development. The company will also announce specific plans and decisions related to organizational simplification and the redeployment of key talents to support registration research and regulatory applications.
Leadership Changes
Reflecting the strategic shift, Dr. Shi Ming, currently Executive Vice President, R&D Director, and Chief Medical Officer (China), will take overall responsibility for global R&D and clinical development. Dr. Marek Kania, Executive Vice President, General Manager, and Chief Medical Officer (International), will gradually step down from his post.
Comments from HutchMed’s CEO and CSO
Dr. Weiguo Su, HutchMed’s CEO and CSO, commented, “Our vision of becoming a global biopharmaceutical company remains unchanged, but we expect to fulfill this strategy primarily through partnerships outside China. Regardless, we will continue to invest in global development to bring innovative medicines to patients worldwide.”-Fineline Info & Tech
