Hutchison MediPharma Receives

RNS Number : 7638V

Hutchison China Meditech Limited

08 November 2010

 



Hutchison China MediTech Limited ("Chi-Med")
(AIM: HCM)

Hutchison MediPharma Receives Strategic Investment to Advance Its Pipeline

London: Monday, 8 November 2010:  Chi-Med, the pharmaceutical and healthcare company, based primarily in China, today announces that its subsidiary Hutchison MediPharma Holdings Limited ("Hutchison MediPharma"), the novel drug R&D company, has raised about US$12.5 million via a private investment from Mitsui & Co., Ltd. ("Mitsui").  The capital will be used to support the continued development of its substantial pipeline of internally developed research and development programmes. 

Under the terms of the agreement, Mitsui has invested approximately US$12.5 million in cash in return for new convertible Preference Shares giving Mitsui 12.2% of the enlarged share capital of Hutchison MediPharma. 

"We welcome Mitsui as an investor into Hutchison MediPharma. Given its extensive multinational business presence, we believe that its investment reflects upon the growing standing in the industry of our company," said Samantha Du, Chief Scientific Officer of Chi-Med and Chief Executive Officer of Hutchison MediPharma.  "We are excited about working with Mitsui to increase our profile and relationships around the world."

Taro Inaba, General Manager, Global Investment Department at Mitsui, said, "Hutchison MediPharma is a leading entrepreneurial, China based, global quality biotech company, with a strong track record and a rich and extensive pipeline."  He added, "Hutchison MediPharma is a unique combination of a highly productive integrated R&D platform, landmark strategic alliances with some of the leading multinational pharmaceutical companies and a first class leadership team.  We see great potential for this company and are very proud to become an investor." 

Hutchison MediPharma has a wide pipeline of clinical drug candidates.  Its lead candidate, HMPL-004, offers a novel mechanism for the treatment of inflammatory bowel disease and has delivered very successful Phase IIb ulcerative colitis clinical trial results for which it made the plenary presentation at Digestive Disease Week 2010.  The Hutchison MediPharma clinical pipeline also includes its first-in-class novel inflammation compound HMPL-011, finishing Phase I clinical trials in Australia, and its novel FGFR/VEGFR inhibitor Sulfatinib, in Phase I clinical trials in China.  It has Investigational New Drug applications under review on multiple small molecule drug candidates.  Recent Hutchison MediPharma awards include the Top 10 Inflammatory/Autoimmune Projects to Watch by Windhover/Healogix for HMPL-004 and the Deloitte Technology Fast 50 China Award. 

Christian Hogg, Chief Executive Officer of Chi-Med said, "Our aim for Hutchison MediPharma is for it to grow into a large-scale self-funding biotech company, the first of its kind in China, identifying and developing novel drugs for the global pharmaceutical market. Mitsui's investment helps drive this aim and is an early indication of the considerable value we believe Hutchison MediPharma has and will continue to create."

Hutchison MediPharma is one of the three businesses that currently comprise Chi-Med, the other two being its fast growing and cash generative China Healthcare business, and its rapidly emerging Consumer Products business, focused on healthy living in China.

Ends

Enquiries

Chi-Med Christian Hogg, CEO	Telephone:      [phone]
Citigate Dewe Rogerson Anthony Carlisle David Dible	Telephone:      [phone] Mobile:             [phone] Mobile:             [phone]
Lazard & Co., Ltd. Paul Gismondi Nick Fowler	Telephone:      [phone]

Notes to Editors

About Hutchison MediPharma

Hutchison MediPharma is a novel pharmaceutical research & development company focused on discovering, developing and commercializing innovative therapeutics in oncology and autoimmune diseases.  With a team of well over 200 scientists, its pipeline includes novel oral compounds for cancer and inflammation in development in North America, Europe, Australia and Greater China.

Hutchison MediPharma is majority owned by Chi-Med.

For more information, please visit: http://www.hmplglobal.com 

About Chi-Med

Chi-Med is the holding company of a pharmaceutical and healthcare group based primarily in China and was listed on the Alternative Investment Market of the London Stock Exchange in May 2006.  It is focused on researching, developing, manufacturing and selling pharmaceuticals and health oriented consumer products.

Chi-Med is majority owned by Hutchison Whampoa Limited, an international company listed on the Main Board of The Stock Exchange of Hong Kong Limited.

For more information, please visit: http://www.chi-med.com 

About Mitsui

Mitsui & Co., Ltd., Japan is one of the world's most diversified and comprehensive trading, investment and service enterprises. Headquartered in Tokyo, Mitsui & Co. maintains a global network of 151 offices in 66 countries and has 461 subsidiaries and associated companies worldwide.

Mitsui & Co. taps an expanding global network to access strategic information and harness business engineering capabilities. Its main businesses include sales, manufacturing, export/import, international trade and services, and commercial and financial investments in the fields of: iron & steel products, mineral & metal resources, infrastructure projects, motor vehicles, marine & aerospace, basic chemicals, performance chemicals, energy, foods & retail, consumer service, IT, financial markets and transportation logistics.  Mitsui & Co.'s Financial Markets Business Unit is active in investments in new fields such as biotechnology, information technology and environmental technology businesses.

For more information, please visit: http://www.mitsui.co.jp/en/index.html

 

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