Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Suzhou Ribo Life Science / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-ribo-life-science-co-ltd" target="_blank" data-smartkarma-citation="entities:45112:1" rel="noopener">Suzhou Ribo Life Science (SRL HK)</a> entered into a licensing agreement with Madrigal Pharmaceuticals for six pre-clinical small interfering RNA (siRNA) programs for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).</li>
<li>Ribo Life will receive an upfront payment of US$60M and cumulative payments could reach US$4.4B if certain development, regulatory and commercial milestones are achieved, plus potential royalties on net sales.</li>
<li>The deal has the potential to bear fruits for Ribo Life only in the long term. At the current share price, the stock does feel overvalued to an extent.</li>
</ul>



Suzhou Ribo Life Science (SRL HK) entered into a licensing agreement with Madrigal Pharmaceuticals for six pre-clinical small interfering RNA (siRNA) programs for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).
Ribo Life will receive an upfront payment of US$60M and cumulative payments could reach US$4.4B if certain development, regulatory and commercial milestones are achieved, plus potential royalties on net sales.
The deal has the potential to bear fruits for Ribo Life only in the long term. At the current share price, the stock does feel overvalued to an extent.


Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sirius Therapeutics / Equity Capital Markets

<ul>
<li>Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.</li>
<li>Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.</li>
<li>Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.</li>
</ul>


Both SRSD107 and SRSD216 have the potential to become a blockbuster. However, the major risks lie in R&amp;D failure as well as uncertainties in future commercialization performance as analyzed.
Given that the pipeline is in R&amp;D stage, Sirius’ valuation should not be aggressively calculated based on peak sales, but on clinical data and in-depth advancement of cooperation with CRISPR.
Since Sirius has no commercialized products, and the potential and breadth of PEPR platform have not yet been verified through large-scale clinical trials/commercial sales, valuation could be similar to Sirnaomics.


Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

Suzhou Ribo Life Science / Equity Capital Markets

<ul>
<li>The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.</li>
<li>Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


The "breadth" of pipeline doesn’t translate into the "depth" of competition.Instead, the dispersion of resources leads to slow advancement of core products, and the imbalance in investment weakened commercial competitiveness.
Ribo’s outsourcing model will drive up production costs and delay clinical trials/market entry. If a partner terminates cooperation due to clinical trial failure/strategic adjustments, revenue will face a sharp decline.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>RiboLife raised HKD 1832m (USD 236m) from its global offering and will list on the Hong Kong Stock Exchange on Friday January 9th, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


RiboLife raised HKD 1832m (USD 236m) from its global offering and will list on the Hong Kong Stock Exchange on Friday January 9th, 2026.
In our previous note, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>For the first time, price negotiation has been included in commercial insurance catalog in 2025 NRDL negotiations, which will have a significant leverage effect on domestic R&amp;D/commercialization of innovative drugs.</li>
<li>In the next decade, China will become the most core region for global biopharmaceutical innovation. Chinese pharmaceutical companies are also expected to emerge as true global biotech companies.</li>
<li>Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.</li>
</ul>


For the first time, price negotiation has been included in commercial insurance catalog in 2025 NRDL negotiations, which will have a significant leverage effect on domestic R&amp;D/commercialization of innovative drugs.
In the next decade, China will become the most core region for global biopharmaceutical innovation. Chinese pharmaceutical companies are also expected to emerge as true global biotech companies.
Based on Ribo’s IPO pricing (HK$57.97/share) and 2024 revenue, P/S is 59x, which is lower than peer.This valuation/IPO pricing is not without basis, with potential room for future valuation increases.


China Healthcare Weekly (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing

Hong Kong

Sirnaomics is an RNA therapeutics biopharmaceutical company that discovers and develops innovative drugs for indications with unmet medical needs. The company leverages its proprietary polypeptide nanoparticle (PNP) and GalNAc RNAi platforms (GalAhead™) to build a pipeline of drug candidates, including STP705 and STP707 for oncology and fibrosis, and STP122G for anticoagulant therapies. Headquartered in Gaithersburg, MD, United States, the company was founded in 2007.

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Sirnaomics (2257 HK)

Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...

Tina Banerjee

Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

SRSD107 and SRSD216 have blockbuster potential,but will face R&D failure risk and uncertainties in commercialization.Sirius' lack of commercialized...

Xinyao (Criss) Wang

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

RiboLife-B (瑞博生物) IPO Trading

RiboLife to list on HKEX after raising USD 236m in global offering. In this note, we provide an update on the trading dynamics prior to its...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing

China's inclusion of price negotiation in of commercial insurance will boost R&D,making it a core region for biotech innovation.Ribo's IPO pricing...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ribo Life Science (6938 HK): Madrigal MASH Deal A Positive, But Still a Long Waiting Game

​Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...

Tina Banerjee

Pre-IPO Sirius Therapeutics - The Pipeline and the Concerns Behind

SRSD107 and SRSD216 have blockbuster potential,but will face R&D failure risk and uncertainties in commercialization.Sirius' lack of commercialized...

Xinyao (Criss) Wang

Pre-IPO Suzhou Ribo Life Science (PHIP Updates) - Some Points Worth the Attention

Ribo's IPO pricing (HK$57.97/share) is reasonable and leaves room for valuation increases, thus there is good upside on IPO debut, which is in line...

Xinyao (Criss) Wang

RiboLife-B (瑞博生物) IPO Trading

​RiboLife to list on HKEX after raising USD 236m in global offering. In this note, we provide an update on the trading dynamics prior to its...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jan.4) - NRDL Negotiation Breakthrough, Thoughts on Ribo's IPO Pricing

​China's inclusion of price negotiation in of commercial insurance will boost R&D,making it a core region for biotech innovation.Ribo's IPO pricing...

Xinyao (Criss) Wang

Suzhou Ribo Life Science partners with Madrigal Pharmaceuticals for siRNA programs targeting MASH. Upfront payments etc are fine, but Ribo Life is...

RiboLife to list on HKEX after raising USD 236m in global offering. In this note, we provide an update on the trading dynamics prior to its...

China's inclusion of price negotiation in of commercial insurance will boost R&D,making it a core region for biotech innovation.Ribo's IPO pricing...