Weekly Report on Pharmaceuticals & Biotech: Surge in Oligonucleotide Therapy Deals Highlights Opportunities in the MASH Pipeline

In May 2026, there were multiple deals and collaborations in the small nucleic acid field, focusing on track opportunities.

In May 2026, there were multiple transaction collaborations in the small nucleic acid industry, with related pipelines involving treatment areas such as MASH, weight loss, and hepatitis B.

On May 5, Madrigal introduced Arrowhead's new siRNA drug ARO-PNPLA3, further strengthening its MASH pipeline. ARO-PNPLA3 demonstrated excellent efficacy potential in Phase I clinical trials, with liver fat reduced by up to 46% (measured by MRI-PDFF) 12 weeks after a single dose.

On May 6, SiranBio reached an exclusive global licensing agreement with GSK for SA030 (excluding mainland China, Hong Kong, Macao, and Taiwan). SA030 is a potential first-in-class, long-acting siRNA currently under development for the treatment of metabolic and cardiovascular diseases. SA030 has recently entered Phase I clinical trials, targeting Activin Receptor-Like Kinase 7 (ALK7).

On May 11, China Biologic Products announced that its core enterprise, CHIATAI TIANQING, had reached an exclusive strategic cooperation with GSK China, which will accelerate the market launch of the first-in-class (FIC) new drug Bepirovirsen (ASO) in China.

On May 12, Ribo Life Science and Insilico Medicine signed a strategic cooperation agreement. Both parties will leverage their core advantages in small nucleic acid drug development and AI-driven pharmaceuticals to engage in in-depth collaboration in areas such as target discovery, drug molecule design and optimization, AI-assisted drug research and development, and clinical translation.

The market space for small nucleic acid drugs is large, and it is recommended to continue paying attention to track opportunities.

Overseas companies represented by Madrigal are accelerating the development of small nucleic acid technology for the MASH pipeline. In terms of the MASLD/MASH small nucleic acid research pipeline, single-target pipelines targeting HSD17B13, PNPLA3, and DGAT2 have entered Phase II clinical trials; pipelines in Phase I/II and Phase I clinical trials are targeting single targets such as HSD17B13, PNPLA3, CIDEB, MARC1, and SLC25A5; preclinical pipelines mainly focus on previous targets, while some companies have started to develop dual-target mechanism pipelines, such as siRNA pathway Argonaute RNA.

The ANGPTL3/DGAT2 dual-target pipeline, Bibeite's CIDEB/HSD17B13 dual-target pipeline, etc. Companies in China that have laid out related targets include Frontier Biotechnologies, Ribo Life Science, and Bibeite.

Frontier Biotech's self-developed small nucleic acid innovative drug FB7033 (dual-target, MASH) has been selected for poster presentation at the 2026 European Association for the Study of the Liver (EASL Congress 2026). Core preclinical research data will be disclosed on May 29. Meanwhile, the research value and data of FB7033 have gained high recognition from international authoritative experts. After careful selection by the EASL 2026 Scientific Committee, it has been invited to deliver a special report during the Poster Tour session on May 30. This dual appearance at the EASL international top-tier academic conference marks that the company’s comprehensive capabilities in MASH treatment and dual-target small nucleic acid new drug development have been fully recognized by the international mainstream academic community.

Pharmaceutical Layout Ideas and Stock Recommendations

Overall, we remain optimistic about innovative drugs and their industry chain (CXO + research services), as well as AI, brain-computer interfaces, biomanufacturing, and other strategic emerging industries in China.

Monthly Portfolio Recommendation: Wuxi AppTec, Innovent Biologics, Baili Tianheng, CSPC Pharmaceutical Group, Asymchem Laboratories, Intco Medical, Leader Pharma, Yifeng Pharmacy, Progen Pharmaceuticals, and Z众生药业.

Weekly Portfolio Recommendation: Kelun Botai, Yuelong Pharmaceuticals, Frontier Biotechnologies, Hisun Pharmaceutical, AdvaCare Pharma, Wondfo Biotech.

Risk Warning: Policy progress falls short of expectations, product sales fall short of expectations, and industry competition intensifies.