On July 3, Keymed Biosciences rose 5.34% in regular trading, trading at HK$78.15 per share, with turnover of HK$60.27 million. The biotech sector broadly strengthened, continuing momentum from the prior session.

On the news front, multiple catalysts are converging. The National Healthcare Security Administration recently published 557 drugs passing basic medical insurance directory initial review and 54 drugs passing the commercial insurance innovative drug directory initial review. The dual-directory negotiation has entered a substantive phase, boosting market expectations for volume growth of high clinical-value innovative drugs. Keymed's CM512, a long-acting atopic dermatitis asset with an approximately 70-day half-life potentially supporting 3-to-6-month dosing intervals, stands to benefit directly.

Additionally, the long-acting AD track valuation was recently reshaped after AbbVie announced a roughly $10.9 billion acquisition of Apogee, validating MNC strategic interest in long-acting AD assets. Keymed also secured $2.57 billion in upfront proceeds from Gilead's acquisition of Ouro Medicines in June, strengthening its financial position.

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