Keymed Biosciences

What Keymed Biosciences does

Keymed Biosciences is a Chengdu-based, HKEX-listed (02162.HK) biopharmaceutical company founded in 2016 that discovers, develops, manufactures, and commercializes biologic therapies for autoimmune/chronic inflammatory diseases and oncology. Its core commercial asset is Stapokibart (marketed as Kangyueda/CM310), the first domestically manufactured IL-4Rα antibody approved in China for moderate-to-severe atopic dermatitis (September 2024), chronic rhinosinusitis with nasal polyposis (December 2024), and seasonal allergic rhinitis (February 2025), with all three indications listed in China's National Reimbursement Drug List as of January 2026. The company sells Kangyueda through a 400+ person in-house hospital and clinic sales force, while generating licensing revenue from out-licensed pipeline assets.

Keymed operates six proprietary technology platforms — Antibodies Discovery (hybridoma, phage display, and AI/ML-based screening), KeyMedSTAR ADC, novel T-cell engager (nTCE) bispecifics, VESIR oligonucleotide delivery (with XOC conjugates), small molecule, and KeyCND blood-brain barrier delivery — supporting a pipeline of 50+ programs with 10+ in clinical development, including the first-in-class Claudin 18.2 ADC (CMG901, globally licensed to AstraZeneca as AZD0901), BCMAxCD3 bispecific CM336, CD20xCD3 bispecific CM355, CD38 antibody CM313, and TSLP/TSLPxIL-13 antibodies CM326/CM512. In 2025, total revenue reached RMB 720 million (+67% YoY), comprising RMB 310 million from Kangyueda product sales and RMB 410 million from collaboration/licensing income, supported by RMB 1.96 billion in cash reserves and in-house cGMP manufacturing capacity (NMPA/FDA/EMA compliant) in Chengdu scaling toward 100,000+ liters.

The business model blends domestic direct commercialization (Kangyueda sales via the Chinese hospital channel) with global value capture through out-licensing deals to AstraZeneca, Prolium, Timberlyne, Belenos, and the Gilead/Ouro acquisition, supplemented by equity stakes in licensees that align long-term upside. Pricing for Kangyueda is mediated through China's NRDL reimbursement system, while licensing income is milestone-driven and structurally lumpy.

Name

Keymed Biosciences

Legal name

康诺亚生物医药科技有限公司

Website

https://en.keymedbio.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Keymed Biosciences is a Chengdu-based, HKEX-listed biopharmaceutical company founded in 2016 that develops and commercializes biologic therapies — including monoclonal antibodies, ADCs, and bispecifics — for autoimmune diseases and oncology in China and globally.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)

akta.pro secondary industries

Dermatology Specialty Pharmaceuticals (HLAIACAL), Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF), Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB), Bispecific & Multispecific Antibodies (HLAAAAAF), Neurology & CNS Specialty Pharmaceuticals (HLAIACAC), Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

Keywords

• Biopharmaceutical research
• Monoclonal antibody therapy
• Antibody drug conjugates
• Inflammatory disease therapies
• Oncology therapeutics

Headquarters

HQ city

Chengdu

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Product Sales (Kangyueda): Revenue from sales of Stapokibart (marketed as Kangyueda), an IL-4Rα antibody approved for moderate-to-severe atopic dermatitis in adults, chronic rhinosinusitis with nasal polyposis, and seasonal allergic rhinitis in China. Sales generated approximately RMB 310 million in 2025.
2. Collaboration and Licensing Income: Revenue from out-licensing deals including milestone payments and royalties. Includes payments from AstraZeneca for CMG901 ($45 million milestone), and expected ~$320 million from Gilead's acquisition of Ouro Medicines (CM336 out-licensee). Generated approximately RMB 410 million in collaboration income in 2025.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Keymed Biosciences is a clinical-stage biopharmaceutical company that discovers, develops, and commercializes innovative monoclonal antibody drugs and other therapeutic protein drugs for inflammatory, allergic, and oncologic diseases. Its lead product Stapokibart (brand name Kangyueda, code CM310) is an IL-4Rα antibody approved and marketed in China for atopic dermatitis, with additional indications in chronic rhinosinusitis with nasal polyps and allergic rhinitis. The company also advances a pipeline of antibody-drug conjugates, bispecific antibodies, and oligonucleotide therapeutics through proprietary discovery and engineering platforms.

Product overview

Keymed Biosciences is a fully-integrated innovative biopharmaceutical company that discovers, develops, manufactures, and commercializes biologic therapies. The company's portfolio centers on two therapeutic areas: autoimmune and chronic diseases (with Stapokibart/Kangyueda as the core commercial product) and oncology (with multiple bispecific antibodies and ADCs in the pipeline). Stapokibart (CM310), an IL-4Rα antibody approved for atopic dermatitis, chronic rhinosinusitis with nasal polyposis, and seasonal allergic rhinitis, is the company's first marketed product and flagship revenue driver. The broader pipeline spans over 50 programs including 13 antibodies in multiple clinical stages, 5 bispecific antibodies, and 2 ADCs. Key technology platforms include the Antibodies Discovery Platform, KeyMedSTAR™ ADC Platform, TCE Bispecific Antibodies Platform, VESIR™ Oligonucleotide Platform, Small Molecule Platform, and KeyCND™ Blood-Brain Barrier-Penetrating Antibody Delivery Platform. The company operates its own cGMP-compliant manufacturing facilities in Chengdu and maintains global partnerships including licensing deals with AstraZeneca (CMG901), Prolium (CM355), Ouro Medicines (CM336), and Timberlyne Therapeutics (CM313).

Differentiator

Problem solved

Functional benefit

Brands

• Stapokibart: IL-4Rα antibody marketed as Kangyueda® for atopic dermatitis, chronic rhinosinusitis with nasal polyposis, and seasonal allergic rhinitis

Quantifiable outcome

• 95.2% objective response rate (ORR) in RRMM patients with CM336 at target dose, with 76.2% complete response rate and 100% MRD negativity rate
• +3 more outcomes

Named customers3 records

Segments2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Gilead SciencescoreTechnology or Integration · 24 March 2026Gilead Sciences acquired Ouro Medicines for up to $2.175 billion ($1.675 billion upfront plus $500 million milestones). Keymed expected to receive approximately $320 million from the transaction ($250 million upfront plus up to $70 million milestones) based on its equity interest in Ouro Medicines. CM336/OM336 was out-licensed to Ouro Medicines for global development excluding Greater China.
• Prolium BiosciencecoreTechnology or Integration · 1 January 2025License agreement granting exclusive rights to CM355 (CD20xCD3 bispecific antibody, PRO-203) for global development in non-oncology indications and ex-Asia oncology rights. Keymed and InnoCare received combined $17.5 million upfront and near-term payments, eligible for up to $502.5 million in milestones and royalties, plus minority equity interest in Prolium.
• Timberlyne TherapeuticscoreTechnology or Integration · 1 January 2025Exclusive license agreement for CM313 (CD38 antibody) for global development excluding Greater China. Keymed received $30 million in upfront and near-term payments and became the largest shareholder of Timberlyne.
• Rona TherapeuticsminorStrategic or Co-development Partner · 15 May 2023Collaboration to discover and develop first-in-class siRNA therapeutics for glomerulonephritis. Leverages Rona's RAZOR siRNA platform and Keymed's research and translational expertise. Profit/loss arrangement for co-development and commercialization globally.
• AstraZenecacoreTechnology or Integration · 23 February 2023Global exclusive license agreement for CMG901 (Claudin 18.2 ADC). AstraZeneca responsible for global research, development, manufacturing, and commercialization. KYM Biosciences (70% owned by Keymed) received $63 million upfront and up to $1.1 billion in milestones plus tiered royalties. AstraZeneca dosed first subject in global Phase III trial in February 2026, triggering $45 million milestone payment.
• Lepu BiopharmacoreStrategic or Co-development Partner · 23 February 2023Joint venture KYM Biosciences (70% Keymed, 30% Lepu Biopharma) established for CMG901 development. Led to global exclusive license with AstraZeneca for CMG901.
• CSPC Pharmaceutical GroupcoreStrategic or Co-development Partner · 1 January 2021Partnership for CM310 and CM326 in respiratory disease indications (asthma, COPD) in China. CSPC initiated critical Phase II/III clinical studies and Phase II studies. Keymed received collaboration income from this partnership.
• InnoCare PharmacoreStrategic or Co-development Partner · 1 January 2021Strategic collaboration for developing large-molecule innovative drugs including joint venture for CM355 (CD20xCD3 bispecific) and CM369 (CCR8 antibody). Co-development and co-commercialization arrangements for various pipeline assets.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Innovent Biologics: Leading Chinese innovator biopharma developing monoclonal antibodies and bispecifics across oncology (PD-1, PD-L1) and autoimmune diseases. Directly comparable as a HKEX-listed, fully-integrated Chinese antibody company with approved products and a deep pipeline.
• Cstone Pharmaceuticals: Chinese biopharma developing innovative oncology and immunology antibodies (PD-1, PD-L1, CTLA-4) with HKEX listing. Direct comparable given similar size, pipeline depth, and China/global dual-market strategy.
• Akeso Inc. Chinese biopharma specializing in bispecific antibodies (PD-1/VEGF cadonilimab) and immunology/oncology biologics. Direct peer given shared focus on novel antibody engineering platforms and HKEX listing with global out-licensing strategy (Summit partnership).
• Junshi Biosciences: China-origin biopharma developing innovative monoclonal antibodies, with lead asset toripalimab (PD-1) and a broad oncology/autoimmune pipeline. Comparable as a HKEX-listed innovative antibody company with global licensing partnerships.
• RemeGen Co., Ltd. Chinese biopharma developing ADC and bispecific antibody therapeutics with approved products (telitacicept, disitamab vedotin). Comparable as a fully-integrated Chinese antibody/ADC developer with both commercial products and pipeline partnerships.

Broad incumbents

• Regeneron Pharmaceuticals: Global biopharma and co-developer of Dupixent (dupilumab), the dominant IL-4Rα antibody competing head-to-head with Keymed's Stapokibart. Provides the key competitive benchmark for Stapokibart's commercial trajectory in international markets.
• BeiGene: Major Chinese-origin global biopharma with approved Brukinsa and multiple oncology assets, dual-listed on HKEX and Nasdaq. Broader incumbent in the Chinese innovative biologics space with deeper oncology focus than Keymed.
• Hansoh Pharmaceutical: Large Chinese pharmaceutical company with both innovative biologics and established generics across oncology, psychiatry and infectious diseases. Comparable in scale of Chinese innovative drug commercialization and HKEX listing.

Emerging players

• I-Mab Biopharma: Clinical-stage Chinese-US biopharma developing differentiated immuno-oncology biologics and bispecifics. Comparable in pipeline focus (bispecifics for oncology/autoimmune) and global licensing approach, though smaller scale.

Others

• WuXi Biologics: Global leading Contract Development and Manufacturing Organization (CDMO) for biologics headquartered in China. Adjacent comparable — both operate large-scale cGMP manufacturing in China for biologics, though WuXi serves third-party clients while Keymed is product-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keymed Biosciences