MNC China Lens

Gilead Sciences, Not Content as HIV Leader, Shows Strong Ambition in Oncology. On April 9, it secured global development rights for KT-200. The original developer, Kymera, will receive a $45 million milestone payment and is eligible for substantial total payments and tiered royalties. On the 100th day of 2026, Gilead made its fourth move, with a potential total deal value of approximately $15.725 billion, including the acquisition of CAR-T company Arcellx, the merger with Ouro Medicines, and the purchase of Germany's next-generation ADC company Tubulis Technologies. KT-200, the subject of this transaction, is the world’s first oral molecular glue degrader targeting CDK2, which selectively eliminates CDK2, a key driver of tumor growth, offering a more precise, safe, and effective oral treatment option for cancers dependent on CDK2 activity. Preclinical tests have shown strong activity, potential for brain penetration, and good safety.

The Potential of the Dermatological Drug Market is Huge. In March 2026, CMS launched its innovative dermatological drug, **Prolutex® Ruxolitinib Phosphate Cream**, which set a sales record for self-paid innovative drugs in China upon its market debut. On the first day of its launch on Jingdong Health, over 5,000 units were sold, and within a month, sales exceeded 10,000 units. The explosive popularity stemmed from CMS's transformation. In 2018, CMS announced its transition to an innovative pharmaceutical company, and in 2022, it partnered with Incyte Corporation to acquire the rights to Ruxolitinib Cream in Greater China and Southeast Asia. The success of Ruxolitinib Phosphate Cream as a blockbuster product lies in its precise selection. As a topical targeted JAK inhibitor, it accurately blocks abnormal immune signaling, reduces the area of vitiligo lesions, restores skin color, and demonstrates good tolerability. After 24 weeks of treatment, the F-VASI75 response rate reached 49.5%. It also gained recognition in the *Chinese Expert Consensus on Vitiligo Diagnosis and Treatment (2024 Edition)*.

An unavoidable issue is that the clinical application of pan-KRAS inhibitors still faces inherent technical challenges. For example, achieving high selectivity for mutant KRAS over wild-type KRAS and other RAS subtypes to minimize off-tumor toxicity remains difficult. Additionally, the short half-life of existing pan-KRAS inhibitors and the unclear mechanisms of resistance also limit their widespread clinical use to some extent.

Pursuant to the merger agreement, as a shareholder of Ouro Medicines, Keymed Biosciences will receive approximately $250 million in upfront payment upon completion of the transaction, along with milestone payments of up to approximately $70 million, resulting in total consideration of approximately $320 million. Concurrently, the tiered sales royalties for CM336/OM336 will be fulfilled by Gilead.

Recently, Hengrui Pharma announced that the New Drug Application (NDA) for its independently developed Shudi Insulin Noiiglutide Injection (HR17031) has been formally accepted by the National Medical Products Administration (NMPA). However, the acceptance of this product appears to signal the beginning of a defensive battle rather than a charge forward.

Meanwhile, total revenue from the China region in 2025 reached USD 6.654 billion, a 4% increase year-over-year. Although this growth rate slowed from 9% in 2024, China's revenue still accounted for 43.5% of total revenue from emerging markets, positioning it as an indispensable strategic pillar in AstraZeneca's global footprint.

In March 2026, Shenzhen MEDCAPTAIN MEDICAL TECHNOLOGY CO., LTD. filed for listing on the Hong Kong Stock Exchange, jointly sponsored by Morgan Stanley and Huatai International. MEDCAPTAIN's products have entered nine out of ten tertiary hospitals in China, covering over 6,000 hospitals, and are exported to more than 140 countries worldwide. The company holds three major business matrices: life support, minimally invasive intervention, and in vitro diagnostics, with over 300 products forming a synergistic effect. The company’s team is considered the "golden veteran group" in the medical industry. Founder Liu Jie is a veteran of Mindray, having participated throughout Mindray’s globalization process, while partner Zhong Yaoqi specializes in international marketing and strategic mergers and acquisitions. Among the seven senior executives, five have work experience at Mindray Medical. This experienced team enabled MEDCAPTAIN to target the high-end market from the start, avoiding low-end competition and cheap contract manufacturing, focusing instead on technology and quality. Since 2016, MEDCAPTAIN has completed 10 rounds of financing, raising a total of 2.259 billion yuan, with Hillhouse Capital being the largest institutional shareholder, holding over 20% of shares.

MiniMed, the diabetes business spun off from Medtronic, has filed its prospectus, planning to raise $784 million with a potential valuation exceeding 54 billion yuan. Founded by Alfred E. Mann in 1983, MiniMed has launched numerous industry-first products and was acquired by Medtronic in 2001. After joining Medtronic, MiniMed continued to innovate, releasing several groundbreaking products that solidified Medtronic’s leading position in the diabetes sector. In mid-2022, Medtronic announced the spin-off of its diabetes business. On one hand, MiniMed is the smallest business unit within Medtronic, contributing a low percentage of revenue, with a business model significantly different from other divisions, making it difficult to achieve synergies and leaving it at a disadvantage in internal resource allocation. On the other hand, the diabetes technology market holds immense potential, and MiniMed has achieved growth rates exceeding double digits for multiple consecutive quarters, making it the fastest-growing division within Medtronic. Against this backdrop, Medtronic decided to spin off MiniMed.

As a first-in-class drug independently developed by CTTQ Pharma, Rovadicitinib is the world's first dual JAK/ROCK inhibitor. Through synergistic action on two pathways, it achieves dual pharmacological effects of anti-inflammation and anti-fibrosis, precisely targeting the core pathological mechanisms of diseases such as myeloproliferative neoplasms and transplant rejection.