Goldman Sachs: Sino Biopharmaceutical's Acquisition of Hygieia Bolsters R&D Pipeline; Maintains 'Buy' Rating

Gelonghui January 15 | Goldman Sachs issued a research report stating that Sino Biopharmaceutical Co., Ltd. announced the acquisition of 100% equity in Hygieia for a total price of 1.2 billion yuan, of which approximately 1.1 billion yuan will be paid in cash, with the remaining 97 million yuan to be paid in installments through new shares. Hygieia is a clinical-stage biotechnology company focused on siRNA technology, currently possessing four clinical-stage projects targeting Lp(a), ApoC3, THRbeta, and HBV, along with over ten preclinical candidate products. This marks Sino Biopharmaceutical's third acquisition deal within two years. Goldman Sachs believes that as siRNA technology gradually becomes an important innovative model for chronic disease treatment, this acquisition will strengthen Sino Biopharmaceutical's R&D pipeline in cardiovascular, metabolic, and liver disease areas, creating synergies with its existing products. The firm maintains a "Buy" rating for Sino Biopharmaceutical with a target price of HK$6.19.