On July 2, Keymed Biosciences (02162.HK) rose 9.4% in regular trading, trading at HK$77.1/share, with turnover of HK$203 million. The broader biotech sector strengthened simultaneously.

On the news front, multiple catalysts are converging. China's National Healthcare Security Administration disclosed that 557 drugs passed the basic medical insurance directory initial review and 54 drugs passed the commercial insurance innovative drug directory initial review, signaling the \"medical insurance + commercial insurance\" dual-directory negotiation has entered a substantive stage. Market expectations for volume growth of high-clinical-value innovative drugs are rising. Keymed's CM512 belongs to the long-acting atopic dermatitis track, with a half-life of approximately 70 days, potentially supporting 3-to-6-month dosing intervals.

Additionally, AbbVie's previously announced approximately $10.9 billion acquisition of Apogee continues to validate multinational pharma's strategic recognition of long-acting AD assets. Keymed has also received a $257 million upfront payment from the Gilead-Ouro Medicines deal and a $45 million milestone payment from AstraZeneca, significantly strengthening its cash position.

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