Zhi Tong Cai Jing·2025-10-10 02:21Core Insights - The report from Guotai Junan highlights that small nucleic acid drugs, particularly siRNA, are transitioning from rare diseases to common diseases due to technological advancements and product approvals [1][2] Group 1: Technological Advancements - The siRNA drugs are characterized by strong target expansion capabilities, extensive research adaptability, long-lasting effects, and low resistance [1] - Since 2016, the upgrade of the GalNac delivery system and the application of complete modification have propelled siRNA drugs into a rapid development phase, validating their value in rare diseases and now moving towards common diseases [1][3] Group 2: Market Dynamics - The market for small nucleic acid drugs is experiencing active business development (BD) transactions, with Chinese companies expected to shine due to their engineering advantages, particularly in chemical synthesis [2] - The ongoing patent cliff faced by many pharmaceutical companies necessitates new products to mitigate potential risks, making the acquisition of pipelines from companies specializing in small nucleic acid technology a quick solution [2] Group 3: Industry Characteristics - The commercialization of siRNA drugs is focused on common diseases with clear biological mechanisms, where early movers can achieve better commercial returns and collaboration opportunities [3] - The efficiency and specificity of the GalNac delivery system, along with potential patent breakthroughs, indicate high competition in diseases with clear pathogenic genes or mechanisms [3] Group 4: Domestic Companies - Listed companies in the small nucleic acid drug sector include Yuyuan Pharmaceutical, Hengrui Medicine, CSPC Pharmaceutical Group, Junshi Biosciences, Frontier Biotechnologies, Fuyuan Pharmaceutical, Chengdu Xian Dao, and Shengnuo Pharmaceutical [4] - Unlisted companies include Bowang Pharmaceutical, Rebo Biotech, Jingyin Pharmaceutical, Shengyin Biotech, Dairui Biotech, and Weia Zhen Biotech [4]