STOCK WATCH

CHINESE biopharma company Hutchmed tumbled after US regulators failed to sign off its latest cancer drug.

The London-listed firm said its trials of surufatinib, which treats pancreatic tumours, did not satisfy the Food and Drug Administration, which wants to see a broader multiregional clinical trial before it will give the green light.

Hutchmed boss Weiguo Su described the decision as ‘disappointing’.

The firm’s shares fell 15.1pc, or 37p, to 208.5p.