HK Stock Market Move | HUTCHMED(00013) rose more than 4% in morning trading. Approval granted for new indication for treatment of non-small cell lung cancer with Vrelumab.

HUTCHMED (00013) rose over 4% in the morning trading session, up 4.34% as of the time of writing, at HK$21.65, with a turnover of HK$65.95 million. In terms of news, HUTCHMED announced that its jointly developed oral mesenchymal-epithelial transition factor (MET) tyrosine kinase inhibitor (TKI) "Savolitinib" was approved by the Chinese National Medical Products Administration for a new indication to treat adult patients with locally advanced or metastatic non-small cell lung cancer with MET exon 14 skipping mutations. Citi International stated that HUTCHMED recently sold 45% of its shares in Shanghai and Hengrui Pharmaceuticals for HK$608 million, equivalent to a P/E ratio of 15 times. The proceeds from the sale will be used to accelerate global innovation and strategic development of its proprietary next-generation antibody-drug conjugate platform, ATTC. The company expects to initiate clinical trials of ATTC candidate drugs in the second half of 2025. Regarding late-stage assets, the NDA application for the combination use of Savolitinib and Osimertinib has been accepted by the CDE and is expected to be submitted for NDA approval in the first quarter of this year in the United States. In addition, after submitting supplemental documents to the CDE, Selpercatinib is expected to receive NDA approval in 2025.