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Keymed Biosciences (HKEX:02162) reported interim results for the six months ended June 30, 2026, highlighting its dual-engine strategy of domestic commercialization and overseas business development. Total revenue reached RMB617 million, driven mainly by core product Kangyueda, whose sales jumped 132% year-on-year to RMB393 million.
Collaboration revenue was RMB224 million, primarily from a milestone payment under Keymed’s exclusive license agreement with AstraZeneca. Profit for the period was RMB1,220 million, swinging from a prior loss, supported by the successful acquisition of NewCo partner Ouro Medicines by Gilead and Lakefront (LKFT) and rapid revenue growth. Keymed held cash reserves of about RMB3.24 billion. The company also received an upfront payment of US$257 million from the CM336 transaction and is eligible for additional milestones and tiered royalties, while multiple late-stage and earlier-stage clinical programs continued to advance globally.
Gilead Sciences (Nasdaq:GILD) and Lakefront Biotherapeutics completed the acquisition of Ouro Medicines, adding clinical-stage T cell engager gamgertamig (OM336) to Gilead’s inflammation portfolio and Lakefront’s pipeline.
Gilead pays $1.675B upfront plus up to $500M milestones. Lakefront gains Ouro’s team and assets, 20%–23% royalties on gamgertamig, three preclinical autoimmune programs, and flexibility to deploy $500M cash, including up to $150M for share buybacks, with year-end 2026 cash expected around €2B.