Soochow Securities Company Limited. has released a research report maintaining a "Buy" rating on RIBOLIFE-B (06938). The report notes that the company's current revenue primarily stems from milestone payments from collaborative licensing agreements. Presently, four candidate drugs have progressed to Phase II clinical trials. Assuming these drugs receive approval and commence generating sales revenue by 2030, with a projected 50:50 profit-sharing ratio with partners, the firm utilized the FCFF valuation method. The resulting model yields a target price of RMB 100.7 / HKD 115.8, representing significant upside potential compared to the current stock price of HKD 57.95.
Key points from the report are as follows:
The company is a leader in China's small nucleic acid field, with proprietary R&D technology possessing global competitiveness. Founded in 2007, it focuses on siRNA novel drug development, targeting several chronic disease areas with large patient populations. It is one of the few companies globally with independently developed and clinically validated GalNac delivery technology. The company has secured multiple substantial business development collaborations with multinational pharmaceutical giants: 1) In February 2026, an exclusive global licensing agreement was signed with Madrigal, a leader in the MASH field, with a total deal value exceeding USD 4.4 billion; 2) In December 2023, a platform-based strategic collaboration in MASH was established with global pharmaceutical company Boehringer Ingelheim, with a total deal value exceeding USD 2 billion, and three milestones have already been achieved; 3) In December 2023, a collaboration on PCSK9 siRNA was formed with domestic pharmaceutical commercialization leader Qilu Pharmaceutical, with a total deal value exceeding RMB 700 million. These partnerships validate the company's technology platform and product pipeline, reflect the success of its strategy to expand clinical and commercial influence globally, and represent strategic choices to maximize the value of its self-developed RiboGalSTAR platform.
The company has a differentiated pipeline布局 with first-in-class potential, targeting important sites such as FXI and APOC3. 1) FXI siRNA (Vortosiran, RBD4059): Thrombotic diseases are projected to affect approximately 26.7 million people globally by 2026, with an anti-thrombotic drug market around USD 70 billion. The company's FXI siRNA has completed Phase IIa trials and will proceed to Phase IIb clinical studies covering various thrombotic and cardiovascular indications, including atrial fibrillation and venous thromboembolism. 2) ApoC3 siRNA (RBD5044): The company has received approval from China's NMPA to initiate Phase II clinical trials, which commenced in February 2026. This program is among the global frontrunners for this indication, with Phase II trials in Europe also advancing. 3) PCSK9 siRNA (RBD7022): Partner Qilu Pharmaceutical is set to initiate Phase III clinical trials in China, making it one of the first PCSK9 siRNA candidates to enter Phase III in the country.
Breakthrough progress has been made in extrabepatic delivery technologies for kidneys, muscles, adipose tissue, and the CNS. The company's self-developed RiboPepSTAR platform technology has also achieved significant advancements. It enables the efficient and precise delivery of small interfering RNA (siRNA) to several key organs beyond the liver and has demonstrated excellent preclinical data. Among these, the kidney-targeting product has entered the IND-enabling stage.
Risk warnings include: risks associated with slower-than-expected progress in new drug R&D, regulatory and approval risks, intellectual property risks, financial-related risks, and valuation assumption risks.
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