Jinrui Securities has released a research report noting that on June 22, 2026, AbbVie announced its intention to acquire Apogee for approximately $10.9 billion. Apogee's core asset is the long-acting IL-13 monoclonal antibody APG777, with the transaction expected to close in Q3 2026. KEYMED BIO-B's (ASX: 02162) drug CM512, which targets the same pathway, has the potential to support dosing intervals of 3 to 6 months and is currently in Phase II trials for multiple indications, including atopic dermatitis (AD) and chronic obstructive pulmonary disease (COPD). The firm forecasts the company's revenue for 2026-2028 to be RMB 2.871 billion, RMB 2.064 billion, and RMB 2.994 billion, representing growth rates of +300.8%, -28.1%, and +45.0% year-over-year, respectively. Net profit is projected at RMB 1.098 billion, -RMB 501 million, and RMB 344 million, with corresponding EPS of RMB 3.67, -RMB 1.68, and RMB 1.15. Jinrui Securities maintains its "Buy" rating.
Analysis of the Apogee Acquisition
Apogee's core pipeline asset is the long-acting IL-13 monoclonal antibody APG777, which can extend dosing intervals to 3-6 months. APG777 is currently being actively explored for three major Type 2 inflammation-related indications: atopic dermatitis (AD), asthma, and eosinophilic esophagitis. The most advanced program, for AD, is in Phase II and is planned to initiate Phase III in the second half of 2026.
The key advantage of APG777 is its ability to maintain good efficacy with an extended dosing schedule. In June 2026, the latest Phase II Part-B data was disclosed, showing an induction dosing schedule of injections at weeks 0 and 2, followed by injections at weeks 4 and 12, and then every 3 or 6 months. The 16-week data indicated that the medium-dose group showed an approximate 41.9% improvement over placebo in EASI-75 and a 37.8% improvement in EASI-90. These results appear superior to the 36.8% and 25.8% rates for Dupixent, based on a non-head-to-head comparison.
Validation of Long-Acting AD Therapeutics by Major Pharma
Given that AD treatment involves long cycles and high relapse rates, both efficacy and dosing convenience are crucial for patients. Therefore, if a product can achieve less frequent dosing while maintaining comparable or non-inferior efficacy, it is likely to gain a significant competitive advantage in maintenance therapy and commercial markets.
The acquisition of Apogee's long-acting IL-13 antibody by a major pharmaceutical company like AbbVie underscores the high strategic value and peak sales potential that major pharma places on long-acting AD assets. This transaction serves as further validation of the value of long-acting AD products.
KEYMED BIO-B's CM512 Pipeline Potential
KEYMED BIO-B's (ASX: 02162) core pipeline drug, CM512 (an IL-13/TSLP bispecific antibody), also targets Type 2 inflammation-related diseases. With a half-life of approximately 70 days, it has the potential to support dosing intervals of 3 to 6 months. Phase II data for chronic rhinosinusitis with nasal polyps (CRSwNP) is expected to be read out imminently, with a Phase III trial for sinusitis planned for the second half of 2026. Interim analyses for Phase II trials in asthma and COPD are also anticipated.
If clinical data supports an extended dosing interval, its long-acting advantage could significantly enhance its market competitiveness. Beyond CM512, the company has several other catalysts expected within the year: CMG901 is projected to submit New Drug Applications (NDAs) in both China and the US in the second half of 2026; data from the Phase I trial for the CDH17 ADC is expected to be presented at the 2026 ESMO congress; and the BCMAxCD3 bispecific antibody is anticipated to file an NDA for light-chain amyloidosis in the second half of 2026.
Key Risk Factors to Consider
Potential risks include sales performance falling short of expectations, delays in research and development progress, and the risk of new drug development failure.
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