Hutchmed Gains $110 Million Upfront In GSK Cancer Drug Deal, CICC Says

CICC said Hutchmed has struck an exclusive development and licensing agreement with GSK for HMPL-A830, granting GSK rights to develop and commercialise the cancer drug outside China. Hutchmed will receive a $110 million upfront payment and could earn up to $1.185 billion in additional development, regulatory and commercial milestone payments, plus tiered royalties on annual sales. The broker said the deal provides immediate funding and underscores the global potential of Hutchmed's ATTC platform. It added that GSK has shown efficient execution in bringing Chinese-origin assets to market and is a suitable international partner for accelerating HMPL-A830's global progress, according to ETNet. CICC raised its 2026 net profit forecast for Hutchmed by 41% to $78.07 million, assuming the upfront payment will be booked in 2026, while cutting its 2027 net profit estimate by 25% to $66.38 million because milestone income will be delayed. Based on a discounted cash flow model and higher expected global commercialisation potential for the ATTC platform, CICC lifted its target price to HK$28 from HK$26.