Keymed Biosciences (2162.HK): Read-across from recent AD R&D updates: Keymed well positioned for emerging treatment trends

研报英文原文证据摘录

Keymed Biosciences (2162.HK): Read-across from recent AD R&D updates: Keymed well positioned for emerging treatment trends

Goldman Sachs Keymed Biosciences (2162.HK)

Increasingly validating the importance of long-acting biologics in AD: In parallel,

recently announced AbbVie’s acquisition of Apogee for approximately $10.9bn

underscores strategic interest in extended half-life antibody technologies. Apogee’s lead

IL-13 antibody is being developed with the potential for dosing intervals as infrequent as

every three to six months, representing a significant improvement in patient

convenience versus current standards such as dupilumab. Furthermore, the

development of combination approaches targeting IL-13 together with upstream

mediators such as TSLP reflects a broader trend toward dual-pathway modulation to

enhance efficacy and expand response rates.

Strong commitment for Keymed to capture next-gen AD treatment: We believe

Keymed has proactively aligned its pipeline to capture these trends through a diversified

modality approach. Its lead TSLP/IL-13 bispecific antibody (CM512) reflects the industry

shift toward dual-pathway inhibition and long-acting biologics, with potential 3–6

month dosing intervals and early efficacy signals in AD; the program is targeting Phase 3

entry in 2027. Beyond biologics, Keymed is advancing into intracellular pathway

modulation, with its STAT6 PROTAC targeting IND filing by YE26/early 2027, positioning

the company alongside emerging oral innovation targeting a central disease node. In

parallel, the company is exploring ITK inhibition in early discovery, consistent with the

trend toward broader T-cell modulation for refractory populations. Furthermore,

Keymed is also investing in next-generation RNA approaches, including dual-target