Keymed Biosciences Inc. (Keymed) announced that its wholly owned subsidiary, iBridge HK, will divest its entire 15 % interest in Ouro Medicines through a merger in which Gilead Sciences will acquire 100 % of Ouro Medicines. The merger agreement, signed on 23 March 2026, values Ouro Medicines at up to US$2.18 billion, comprising an upfront cash payment of US$1.68 billion and milestone-based contingent consideration of up to US$0.50 billion.

Based on its 15 % holding, Keymed expects to receive approximately US$250.00 million at closing and up to a further US$70.00 million upon the achievement of specified regulatory and performance milestones, bringing potential total proceeds to about US$320.00 million. As of 31 December 2025, Keymed had booked an unrealised fair-value gain of US$1.00 million on its investment in Ouro Medicines; the ultimate gain from this disposal will be finalised following audit and milestone outcomes.

Ouro Medicines, a Delaware-based developer of CM336/OM336, reported net losses of US$19.99 million in 2024 and US$21.30 million in 2025 (unaudited). At end-2025, the company held total assets of US$87.00 million and net stockholders’ equity of US$84.00 million.

Keymed stated that the transaction validates the commercial potential of its T-cell engager platform and will strengthen its cash reserves for advancing product commercialisation and R&D. The existing exclusive licence agreement signed on 17 November 2024 for CM336/OM336 remains in force, ensuring Keymed continues to benefit from ongoing development of the asset.

Completion of the merger is subject to customary regulatory approvals and other closing conditions. Under Hong Kong Listing Rules, the deal constitutes a discloseable transaction for Keymed, as the highest applicable percentage ratio exceeds 5 % but is below 25 %. Shareholders are advised that completion is not guaranteed until all conditions are met.