Ribo Life Sciences Files for Hong Kong IPO: Innovative siRNA Pipeline Targets Cardio-Renal-Metabolic Mega-Market

▎Armstrong

In April 2025, Ribo Life Science's HKEX IPO application was accepted, and the prospectus was officially disclosed.

Innovation-Driven: Full ChainsiRNATechnology Supporting the Development of Small Nucleic Acid Drugs for Cardiovascular, Metabolic, and Renal Diseases

Ribo Life Science was founded in2007Year, Focus on Creating InnovationsiRNATechnical Platform, Building a Rich and Productive Pipeline. Since its establishment, Ribo Life Science has developed liver-targeted delivery.RiboGalSTAR^TMTechnical Platform, Non-Liver TargetedRiboPepSTAR^TMTechnical Platform, Tumor-TargetedRiboOncoSTAR^TMTechnology platform, covering therapeutic areas such as cardiovascular, metabolic and liver, kidney and other chronic diseases, as well as oncology.

RiboGalSTAR^TMIs the first independently developed in China andMNCFor technology licensingsiRNATechnology Platform,Has gained international professional recognition, and it is also one of the few globally that has undergone multiple clinical trials.2Liver-targeting validationsiRNAOne of the delivery technologies.2023Year12In the month, Ribo Life Science reached a cooperation agreement with Boehringer Ingelheim, granting the latter authorization to utilizeRiboGalSTAR^TMTechnical Platform and Ribo Life Science jointly develop severalsiRNANew drug, with a total transaction amount exceeding20Billion US dollars.

As a high-tech innovation company, Ribo Life Science places particular emphasis on building an intellectual property moat. It currently holds patents in major jurisdictions including China, the EU, the US, and Japan.458Patents, including229Approved patents and229The patent application is in progress, involving small nucleic acid sequences, chemical modifications, targeted delivery technologies, combination therapies, and clinical applications. It is one of the small nucleic acid pharmaceutical companies with the most patents globally.A systematic innovation system and a comprehensive intellectual property rights system have also laid the foundation for Ribo Life Science to participate in global competition.

R&D Pipeline: Cardio-renal Metabolism, Liver Disease, Oncology, etc.

Ribo Life Science has established a rich and differentiated innovative pipeline.6Self-developedsiRNANew drug enters clinical stage.

Core PipelineRBD4059As the world's firstFXI siRNATherapy, currently in Phase II clinical stage.

In Phase I clinical trials,RBD4059The highest can be achieved in the high-dose group.91.6%TheFXIReduced activity levels, and in169The sustained effect can still be observed in the sky.2025Year2Month,RBD4059Completed2aAll patients in the clinical trial have been enrolled, and it is expected that the clinical trial will be completed by the end of this year.

FXIFor those that have already completed the initial stage in clinical settingsPOCThe target,2023Year9Month,Anthos TherapeuticsAnnouncementFXIAntibodyAbelacimabPhase II Clinical Trial for Atrial Fibrillation in Moderate to High-Risk Stroke TreatmentAZALEA-TIMI 71Due to significant efficacy, it was terminated early.2025Year2Month, Novartis with9.25USD billion upfront payment+21.5USD Billion Milestone Amount AcquisitionAnthos Therapeutics, Total Agreement Amount30.75Billion US dollars.

Atrial fibrillation is one of the most common types of arrhythmia, with patients worldwide exceeding3800Ten thousand people, more than annually in the United States45.4Ten Thousand Cases of Atrial Fibrillation Patients Hospitalized, Causing15.8Ten thousand deaths.FXIThe druggability of the target is clear, and the market prospect is enormous, whilesiRNAThe drug form also has the advantage of lower dosing frequency.RBD4059Is expected to become another potential blockbuster product in the small nucleic acid field.

RBD5044 is a potential best-in-class siRNA therapy targeting APOC3, and it is the second APOC3 siRNA therapy to enter clinical stage globally, intended for treating hypertriglyceridemia (HTG), among others. RBD5044 has completed Phase I clinical trials, with data showing that it can simultaneously reduceAPOC3AndTGIn addition to lowering total cholesterol levels.AndLDL-CLevel, and enhance beneficialHDL-CLevel.RBD5044Can be administered at a low frequency of at least once every three months, significantly improving patient compliance. The Phase II clinical trial of RBD5044 for the treatment of mixed dyslipidemia is being conducted in Sweden and is currently advancing rapidly.

Globally, the prevalence of dyslipidemia in adults is as high as 40%, with HTG accounting for 25%. According to Sullivan's statistics, there were 838 million cases of HTG globally in 2023, and this number is expected to reach 908 million by 2033.

RBD7022 is an siRNA therapy targeting PCSK9 for the treatment of hypercholesterolemia and represents the second PCSK9 siRNA therapy globally to enter clinical trials. The PCSK9 antibodies developed by Amgen and Sanofi were launched in 2015, with combined sales reaching $2.8 billion in 2024. Compared to PCSK9 antibody drugs, which require monthly injections, siRNA therapies have longer dosing intervals. Novartis' PCSK9 siRNA therapy, Leqvio, requires administration only twice a year. Leqvio was launched at the end of 2021, with sales reaching $754 million in 2024 and $257 million in Q1 2025, marking a 72% year-over-year increase. It is set to become a blockbuster drug exceeding $1 billion this year, with a rapid growth trajectory far surpassing that of antibody drugs targeting the same pathway. Novartis predicts that Leqvio’s peak sales will exceed $4 billion.

RBD7022 demonstrated a comparable LDL-C lowering efficacy to Leqvio in preclinical animal model studies, and similarly showed efficacy akin to Leqvio in phase I clinical trials, while also possessing the potential for dosing once every six months.

In December 2023, Ribo Life Science and Qilu PharmaceuticalBD7022Reach an authorized cooperation agreement, with the total transaction amount exceeding7.4100 million RMB.

Since its establishment, Ribo Life Science has completed multiple rounds of financing. In 2024, the latest round of financing reached 65.78 million yuan, with a post-investment valuation of 4.87 billion yuan.

The latest equity structure of Ribo Life Science is as follows.

Summary

2024In the year, the global small nucleic acid drug market size exceeded for the first time50Billion US dollars, of whichsiRNAThe proportion of drugs reaches half. With breakthroughs in the cardio-renal metabolism field,siRNAThe drug is about to enter another cycle of explosive growth, such as Leqvio, which will exceed this year's sales.10hundred million US dollars and still in the rapid growth stage. Ribo Life ScienceRiboGalSTAR^TMThe technology platform has been clinically validated and extensively laid out in the fields of cardiovascular, metabolic, nephrology, and hepatology, with a core pipeline.RBD4059A global first, demonstrating excellent results in initial clinical trials.FXIActive inhibition effect, with sustained effects observed.RBD4059Is expected to become another potential blockbuster product in the small nucleic acid field. Meanwhile, the subsequent liver-targeting pipeline and other innovative pipelines are also advancing rapidly, with milestone progress achieved in international cooperation.Ribo Life Science is leading China's small nucleic acid pharmaceutical industry to the forefront of the world.