SINO BIOPHARM(HK:01177) Zheng Quan Shi Bao·2026-01-21 17:33Core Insights - The small nucleic acid drug industry is experiencing significant commercialization trends, highlighted by the recent IPO of Rebio Biotech in Hong Kong and the acquisition of Hejiya Biotech by China National Pharmaceutical Group for 1.2 billion yuan [1][3] - The global small nucleic acid drug market is viewed as the "third wave of modern pharmaceuticals," with a shift from technical exploration to clinical transformation and commercialization in China [1][2] Industry Trends - Multiple small nucleic acid drug companies have submitted IPO applications in Hong Kong, with expectations for further expansion in the number of companies entering the market this year [1][2] - The small nucleic acid drugs are characterized by their ability to precisely target and silence disease-causing genes, offering advantages such as lower dosing frequency compared to small molecule drugs [1] Market Dynamics - The small nucleic acid drug sector is witnessing a surge in investment and interest, with analysts noting a significant increase in the number of companies pursuing IPOs and the emergence of new funding opportunities [2][3] - The market potential for small nucleic acid drugs is underscored by the sales peak of overseas drugs like Amvuttra, which is projected to exceed 5 billion USD [2] R&D Pipeline - As of October 2025, over 120 small nucleic acid drug candidates are in development in China, with a substantial portion in clinical application or Phase 1 trials, representing about 24% of the global pipeline [2] - The industry is also seeing advancements in delivery methods, particularly in liver-targeted delivery systems, which are crucial for the success of these therapies [2][3]