Chi-Med shares slide 19% on fruquintinib failure
Hutchison China MediTech (AIM: HCM) lost 19% of its market value on Friday following the Phase III failure of a drug that has just been approved to treat advanced colorectal cancer.
The company, known as Chi-Med, received approval from the National Medical Products Administration of China to market fruquintinib in this indication in September, and it is about to launch the product in collaboration with partner Eli Lilly (NYSE: LLY).
Chi-Med has billed itself as a leader of the Chinese pharma charge and hailed fruquintinib as the first China-discovered and developed pharmaceutical for a mainstream oncology indication to be unconditionally approved in the Asian country.
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