Innovative drug concept stocks extended their declines, with GENSCRIPT B-1K (01548) falling 15.66% to HK$30.16, ASCLETIS-B (01672) dropping 7.68% to HK$4.39, REMEGEN (09995) declining 5.46% to HK$62.3, and KEYMED BIO-B (02162) slipping 4.88% to HK$63.3 as of press time.
On the news front, some drug data at the ESMO Congress fell short of expectations. KEYMED BIO's CLDN18.2 ADC global Phase III trial showed impressive OS benefit, but PFS among the dual primary endpoints failed to reach statistical significance, leaving it at a disadvantage in cross-comparisons within the same target. Another HER2 ADC global Phase III trial met its primary endpoint of PFS, but the potential benefit was limited. Market participants noted that the risks of innovative drug R&D should not be overlooked.
Notably, the U.S. Treasury Department published proposed rules for implementing the COINS Act on October 22, proposing to include biotechnology within outbound investment restrictions. Analysts pointed out that while the proposed COINS Act rules expand the scope of technology coverage, they explicitly exempt pure cash License-out deals, meaning mainstream BD models remain largely unobstructed. The policy's essence is to tighten equity-based cooperation rather than block product globalization.
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