Keymed Biosciences (HKG:2162) and AstraZeneca's global phase 3 trial of CMG901 met its primary endpoint in patients with CLDN18.2-positive advanced gastric cancer, according to a Tuesday filing with the Hong Kong bourse.

The trial showed the antibody-drug conjugate significantly improved overall survival compared with investigator's choice of treatment in patients receiving second- or later-line therapy.

CMG901 demonstrated a safety profile consistent with previous studies, with no new safety signals identified, the company said.

Following the positive Phase 3 results, the company estimates peak annual sales of $3 billion to $5 billion for the drug candidate.

Shares of the biopharmaceutical company were down over 5% in recent trade.