BRIEF: Leading RNA drug developer Ribo passes Hong Kong listing hearing, kicking off IPO

Leading RNA drug developer Suzhou Ribo Life Science Co. Ltd. passed its hearing for a listing on the Hong Kong Stock Exchange, marking the official launch of its IPO, according to its post-hearing information pack released on Sunday on the exchange’s website.

According to its latest prospectus, Ribo’s revenue rose 56.6% to 103.8 million yuan ($14.7 million) in the first six months of this year from 66.3 million yuan a year earlier. Its loss over that time narrowed to 97.8 million yuan from 141.6 million yuan a year earlier.

Founded in 2007 and with numerous years of experience in RNA-based nucleotide drug development, the Suzhou-based company specializes in therapies using small interfering RNA (siRNA), which block the actions of genes responsible for a host of diseases. The company says it has one of the world’s largest siRNA pipelines, including seven clinical-stage candidate drugs aimed at cardiovascular, metabolic, renal and liver diseases. Four of those are already in Phase Two clinical trials.

The company has struck licensing deals with several peers, including one with China Qilu Pharmaceutical, which has rights to make and sell Ribo’s high cholesterol drug in Mainland China, Hong Kong and Macao. Germany’s Boehringer Ingelheim has also agreed to jointly develop therapies for hepatitis with Ribo in a deal valued at more than $2 billion.

According to research cited in the prospectus, the global oligonucleotide market is expected to reach $54.9 billion by 2034, growing at an average annual rate of 29.4% between 2024 and 2029. SiRNA drugs already account for approximately 44.5% of the market in 2024.

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