【瑞博生物】电话会小结 – 与Madrigal达成BD，6千万美元首付款+43亿美元里程碑【东吴医药朱国广团队】 与MDGL的互补合作：MASH适应症大市场，双方互赢，①肝病非常适合小核酸去做，MDGL对未来临床需要达到 的效果有很好的刻画，瑞博具备临床前到临床的转化经验和数据，因此可以倒算出临床前的数据要求，完全符合 要求，因此达成了合作。 ②MDRL已经是MASH领域先行者，MDRL拥有Rezdi ④对瑞博来说，MASH临床前数据优秀，但是并不是公司临床聚焦的方向，临床也很难做，最优解就是合作授 权。 ⑤达成合作的6个管线，并不相同，具有互补机制。 #未来2年内至少达到一个mash的IND，或有数kw美元的收入。 与BI的合作：BI与MDGl的靶点、适应症领域均有区别，BI更注重晚期肝病和并发症，聚焦FIC的科学突破性创新 靶点。 目前进展符合预期，已经拿到2个里程碑，预计与MDGL的合作管线同期会进入IND。 创新技术：肾靶向领先全球 + 其他的肝外递送早期资产 + 双靶点。 与MDGL的互补合作：MASH适应症大市场，双方互赢，①肝病非常适合小核酸去做，MDGL对未来临床需要达到 的效果有很好的刻画， ...

Key Takeaways Madrigal signed an exclusive global licensing deal with Ribo for six preclinical siRNA programs.MDGL will pay $60M upfront, with up to $4.4B in milestones plus tiered royalties on net sales.Madrigal plans FDA filings in 2026 and will test siRNA candidates with Rezdiffra in MASH.Madrigal Pharmaceuticals (MDGL) announced an exclusive global licensing agreement with Suzhou Ribo Life Science Co. Ltd. (Ribo) and its subsidiary, Ribocure Pharmaceuticals AB (Ribocure), covering six preclinical small ...

The market expects Madrigal (MDGL) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...

Core Viewpoint - Investors in the Medical - Drugs sector should consider Merck KGaA (MKKGY) as a better value opportunity compared to Madrigal (MDGL) based on various financial metrics and rankings [1]. Valuation Metrics - Merck KGaA has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to Madrigal, which has a Zacks Rank of 4 (Sell) [3]. - MKKGY has a forward P/E ratio of 15.48, significantly lower than MDGL's forward P/E of 294.77, suggesting MKKGY is more reasonably priced [5]. - The PEG ratio for MKKGY is 6.05, while MDGL's PEG ratio is 6.80, indicating MKKGY may offer better value relative to its expected earnings growth [5]. - MKKGY's P/B ratio is 0.57, contrasting sharply with MDGL's P/B of 17.38, further supporting the notion that MKKGY is undervalued [6]. - Based on these metrics, MKKGY holds a Value grade of A, while MDGL has a Value grade of F, reinforcing MKKGY's position as the more attractive investment [6].

Core Insights - Ribo Life Science and Ribocure Pharmaceuticals have entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals for six pre-clinical siRNA programs targeting metabolic dysfunction-associated steatohepatitis (MASH) [1] - The collaboration will leverage Ribo's GalSTARTM platform to develop novel treatments for MASH, with options to expand into new siRNA programs [1] - Ribo will receive an upfront payment of US$60 million, with potential cumulative payments reaching US$4.4 billion based on milestone achievements, along with royalties on net sales [1] Company Overview - Suzhou Ribo Life Science Co., Ltd. is focused on developing nucleic acid drugs based on RNA interference technology, with a strong product pipeline aimed at addressing serious diseases with unmet medical needs [1] - Ribocure Pharmaceuticals, a subsidiary of Ribo, is dedicated to the global development of life-saving oligonucleotide therapies and innovative capacities for clinical trials [1] Industry Context - MASH is a serious liver disease that can lead to severe complications, including cirrhosis and liver cancer, and is a leading cause of liver transplantation [1] - The prevalence of MASH is increasing, with a significant rise in diagnosed patients expected, particularly those with moderate to advanced fibrosis [1] - Madrigal Pharmaceuticals has developed Rezdiffra, the first medication approved for treating MASH with moderate to advanced fibrosis, highlighting the high unmet medical need in this area [1]

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure Bio-B (6938.HK), has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for the development of six clinical-stage small interfering RNA (siRNA) therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1] Group 1 - The agreement grants Madrigal exclusive global rights to utilize Ribocure's RiboGalSTAR and siRNA chemical modification platforms for the development, production, and commercialization of several clinical-stage single-target and dual-target siRNA assets [1] - Ribocure will receive an upfront payment of $60 million, with potential cumulative payments of up to $4.4 billion upon achieving various development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [1] - This collaboration leverages the company's proven liver-targeting RiboGalSTAR platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a leading global innovator in siRNA [1]

Core Viewpoint - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals for the development of six preclinical siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1][2] Group 1: Agreement Details - The agreement grants Madrigal exclusive global rights to utilize the company's RiboGalSTARTM and siRNA chemical modification platform for the development, production, and commercialization of several preclinical single-target and dual-target siRNA assets [1] - The company will receive an upfront payment of $60 million, with potential milestone payments totaling up to $4.4 billion, in addition to potential royalties on net sales [1] Group 2: Strategic Implications - This collaboration will leverage the company's proven liver-targeting RiboGalSTARTM platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a leading global innovator in siRNA [2] - The partnership aims to accelerate the company's global development and commercialization strategy, addressing unmet medical needs for MASH patients with more targeted and effective therapies [2]

Core Viewpoint - Ribocure Pharmaceuticals AB, a subsidiary of Ribocure, has entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals for the development of six preclinical siRNA therapies targeting metabolic dysfunction-related fatty liver disease (MASH) [1][2] Group 1: Agreement Details - The agreement grants Madrigal exclusive global rights to utilize Ribocure's RiboGalSTAR™ and siRNA chemical modification platforms for the development, production, and commercialization of several preclinical single-target and dual-target siRNA assets [1] - Ribocure will receive an upfront payment of $60 million, with potential milestone payments totaling up to $4.4 billion, in addition to potential royalties on net sales [1] - The milestone payments are contingent upon the achievement of certain development, regulatory, and commercialization milestones, indicating uncertainty regarding the final amount Ribocure may receive [1] Group 2: Strategic Implications - This collaboration will leverage the company's proven liver-targeting RiboGalSTAR™ platform to develop new therapies for MASH, marking a significant milestone in the company's path to becoming a global leader in innovative siRNA [2] - The partnership aims to accelerate the company's global development and commercialization strategy, addressing unmet medical needs for MASH patients with more targeted and effective therapies [2]

Core Viewpoint - Madrigal Pharmaceuticals has entered an exclusive global license agreement with Suzhou Ribo Life Science for six preclinical small interfering RNA (siRNA) programs aimed at treating metabolic dysfunction-associated steatohepatitis (MASH) [1][6] Company Overview - Madrigal Pharmaceuticals is focused on developing novel therapeutics for MASH, a liver disease with significant unmet medical needs [14] - The company’s lead product, Rezdiffra (resmetirom), is the first medication approved for MASH with moderate to advanced fibrosis [14] - Madrigal's pipeline now includes over 10 programs targeting various drivers of MASH, with Rezdiffra serving as the foundational therapy [2][3] Research and Development Strategy - The R&D strategy emphasizes innovative compounds targeting validated mechanisms of disease to improve patient outcomes [2] - siRNAs are highlighted for their precision in gene silencing, potentially complementing the effects of Rezdiffra [3][5] - The company plans to initiate IND-enabling activities for initial siRNA candidates in 2026 [5] Financial Aspects - Ribo will receive an upfront payment of $60 million, with potential cumulative payments reaching $4.4 billion based on milestone achievements, in addition to royalties on net sales [6] Market Context - MASH is a leading cause of liver transplantation, particularly among women, and is rapidly growing in prevalence [7][9] - Patients with moderate to advanced liver fibrosis face significantly higher risks of liver-related mortality, underscoring the urgency for effective treatments [8] Product Information - Rezdiffra is prescribed alongside diet and exercise for adults with MASH and is currently undergoing studies to confirm its clinical benefits [10]

Core Viewpoint - Madrigal Pharmaceuticals, Inc. is set to release its fourth-quarter and full-year 2025 financial results on February 19, 2026, prior to the opening of U.S. financial markets [1] Company Overview - Madrigal Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease with significant unmet medical needs [3] - The company's medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed THR-β agonist aimed at addressing key underlying causes of MASH [3] - Rezdiffra is the first and only medication approved by both the FDA and European Commission for treating MASH with moderate to advanced fibrosis (F2 to F3) [3] - An ongoing Phase 3 outcomes trial is currently evaluating Rezdiffra for the treatment of compensated MASH cirrhosis (F4c) [3]