Billionaire Li's Biotech Firm a Step Closer to Putting New Cancer Drug on Market
- Company meets goal on Phase III colorectal cancer drug data
- Chinese companies are seeking to develop homegrown drugs
Billionaire Li Ka-shing.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Hutchison China MediTech Ltd., the biotechnology company backed by billionaire Li Ka-shing, reported positive late-stage results for its drug to treat colorectal cancer, taking the company one step closer to having a home-grown therapy on the market.
The Hong Kong-based company, known as Chi-Med, said in a statement Friday that it is currently preparing to submit a new drug application for fruquintinib to the China Food and Drug Administration. Chi-Med’s shares traded 6 percent higher in London at 8:15 a.m. local time.