KEYMED BIO-B (02162) surged over 4%, reaching HK$59.95 by the time of writing, with a trading volume of HK$31.28 million. The company recently announced that its self-developed CM512, the world's first long-acting TSLP x IL-13 dual blocker, achieved all primary endpoints in a Phase I clinical trial for treating moderate-to-severe atopic dermatitis (AD) in adults.

Huatai Securities noted that the global long-acting autoimmune therapy sector is booming, with APOGEE's market cap surging over 75% in the past two months to US$4.3 billion. Early clinical data for CM512, disclosed in early November, showed superior EASI-90 efficacy in AD treatment compared to APOGEE's core asset APG777 (non-head-to-head comparison), alongside excellent safety and similar dosing frequency. Analysts remain optimistic about CM512's global potential.

Additionally, spesolimab, targeting AD, chronic rhinosinusitis with nasal polyps (CRSwNP), and seasonal allergic rhinitis (SAR), is included in national price negotiations. Given Dupixent's recent expansion into COPD, asthma, and PN indications under simplified rules—coupled with last year's steep price cuts and cost pressures—further price reductions for spesolimab are expected to be moderate.

KEYMED BIO-B is steadily expanding its commercial team, aiming to reach around 400 members by year-end, while enhancing hospital coverage. The company is prioritizing AD-focused penetration in core hospitals, with spesolimab sales projected to ramp up significantly by 2026.