5 November 2025 | 6:58PM HKT Equity Research Kelun Biotech (6990.HK): APAC Healthcare Corporate Day 2025 — MSD/Blackstone deal read-across; eyes on broader pipeline in 2026 Presenters: Richard Zhou - Chief Financial Officer, Secretary of the Board Bottom line: Management shared that: 1) they view the MSD/Blackstone deal on sac-TMT R&D as acknowledgment / commitment, 2) FY25 guidance unchanged with more meaningful growth after NRDL coverage, and 3) data readouts in 2026 could provide visibility on the breadt ...