RiboBio Files for STAR Market IPO: Poised to Become China's First Small Nucleic Acid Drug Company Listed

On December 29, 2020, the STAR Market prospectus of Ribo Life Science, in which funds under Blue Ocean Capital participated in multiple rounds of investment, was officially disclosed, potentially making it the first listed company in China specializing in small nucleic acid therapeutics.

Ribo Life Science, founded in 2007 by Professor Liang Zicai of Peking University, has a research and development pipeline comprising multiple oligonucleotide drugs. Its first independently developed oligonucleotide drug for hepatitis B treatment, RB1016, has initiated Phase I clinical trials. Ribo Life Science has already established GalNAc delivery technology and is currently developing next-generation non-liver-targeted delivery technologies.

Since 2015, Ribo Life Science has cumulatively completed over RMB 1 billion in financing. On December 6, 2019, Blue Ocean Capital participated in Ribo Life Science’s C1 round of financing, which amounted to RMB 203 million, resulting in a post-money valuation of RMB 2.303 billion; in April 2020, Ribo Life Science completed its C2 round of financing totaling RMB 470 million, led by China International Capital Corporation (CICC) Qide Fund and Hillhouse Ventures, with a post-money valuation of RMB 3.154 billion; in September 2020, Ribo Life Science closed a Pre-IPO financing round worth hundreds of millions of RMB, in which Blue Ocean Capital participated again.

The company’s scientific and technological innovation attributes meet the positioning requirements of the STAR Market. Ribo Life Science’s R&D investments from 2017 to 2019 were RMB 62.5 million, RMB 92.27 million, and RMB 114 million, respectively. As of September 30, 2020, the company had obtained 32 granted invention patents, with its core invention patents applied in the company’s products and correlated with its future main business revenue. The company has cumulatively received support from multiple National Science and Technology Major Projects for “Major New Drug Development,” and participated in one major special project on infectious diseases. Among these, the key products under development—SR061, SR062, and SR063—have received support from the National Science and Technology Major Project for “Major New Drug Development.”

The Company proposes to conduct an initial public offering of no more than 41 million RMB ordinary shares (A-shares) to the general public, with planned proceeds of RMB 1.6 billion. The actual amount of funds raised will be determined by the final offering price and the number of shares issued. The number of shares publicly offered shall account for no less than 25% of the total share capital after this issuance.

After years of development, nucleic acid therapeutics have become increasingly mature, with several blockbuster drugs already launched or on the horizon. Ribo Life Science has mastered an internationally advanced platform for liver-targeted delivery of small nucleic acid drugs, establishing itself as a world-class and China-leading pioneer in the field. Its entry into the capital market will further drive substantial growth. Blue Ocean Capital, specializing in biopharmaceutical investments, has long focused on emerging technologies in nucleic acid-based drug development and will continue to expand its investment portfolio in this sector.

About Ribo

Suzhou Ribo Life Science Co., Ltd. is a leading enterprise in China’s siRNA pharmaceutical sector, dedicated to the development of innovative nucleic acid therapeutics and related products. Since its inception, the company has adhered to a science-driven technological approach and a technology-led product strategy, achieving significant progress in small nucleic acid (siRNA) drug R&D, scaled-up manufacturing of small nucleic acids, quality research of active pharmaceutical ingredients (APIs), as well as GMP production line construction and GMP management. To date, Ribo Life Science has undertaken 12 National “Major New Drug Creation” projects and multiple Jiangsu Provincial science and technology projects. The company has filed 106 domestic and international invention patents centered on small nucleic acid technologies and their applications, with 30 patents already granted. It has now fully entered the commercialization phase.

About Blue Ocean Capital

Blue Ocean Capital focuses on growth-stage and M&A investments in innovative biopharmaceutical and biotechnology companies within the healthcare sector, managing dual-currency funds in RMB and USD with a total asset under management exceeding USD 300 million; Blue OceanCapital InternationalWith a diversified, multi-dimensional team specializing in investment, research, and management—drawn from renowned investment firms, the pharmaceutical industry, and consulting agencies—the firm possesses extensive expertise in healthcare and pharmaceutical investments. Blue Ocean Capital adheres to a strategy of deep-value investing, actively empowering its portfolio companies to create long-term value for investors. Recent investments by Blue Ocean Capital and its managed funds include biopharmaceutical enterprises such as Ascentage Pharma, Suzhou Ribo Life Science Co., Ltd., and Shandong Boan Biotechnology.