Hutchmed Hit Hard by Cancer Drug Approval Failure in USLi Ka-shing’s HutchMed plunges in US$500 million stock rout as cancer drug fails to win US approval, more clinical trials needed
Stock suffers the biggest sell-off since its Hong Kong listing in June last year
HutchMed (China), controlled by billionaire Li Ka-shing, plunged in Hong Kong after the pharmaceutical group failed to win approval in the US for its pancreatic cancer treatment drug.
The stock sank as much as 19.2 per cent in intraday trading before closing 17.7 per cent lower at HK$21.15 in the biggest drop since its listing in June last year. The rout erased almost US$500 million from its market value. Tuesday’s decline brought the losses to 72.7 per cent from its all-time high closing price of HK$77.60 in July.