Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

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

<ul>
<li>Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.</li>
<li>Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.</li>
<li>Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.</li>
</ul>


Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.
Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.
Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.


APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

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.


China

Develops siRNA therapeutics for liver, cardiovascular, metabolic and renal diseases

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Suzhou Ribo Life Science (6938 HK)

APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Shionogi is acquiring IntraBio for $2B. Ono stuck inlicensing deal with Biohaven. Hanmi’s obesity drug got approval in Korea. CSL terminates supply...

Tina Banerjee

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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Shionogi is acquiring IntraBio for $2B. Ono stuck inlicensing deal with Biohaven. Hanmi’s obesity drug got approval in Korea. CSL terminates supply...

Tina Banerjee

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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

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

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...