智通财经APP讯，中国生物制药(01177)发布公告，于2026年1月13日，本公司(透过买方)全资收购赫吉 亚。买方正大制药投资(北京)有限公司(本公司一间全资附属公司)与卖方(于买卖协议日期赫吉亚现有股 东的统称)、创始人(Kunyuan Cui及管涛)、赫吉亚、广州附属公司(广州赫吉亚生物医药技术有限公 司)、厦门附属公司(厦门甘宝利生物医药有限公司)及上海附属公司(上海赫奕安生物医药有限责任公司) 订立买卖协议。根据买卖协议，卖方有条件同意出售，而买方有条件同意收购赫吉亚100%股权，最高 基础代价为人民币1200万元(可下调)，将部分以现金支付及部分以代价股份支付。于交割时，赫吉亚将 成为本公司的间接全资附属公司。 赫吉亚是一家专注于小干扰核酸(siRNA)创新药研发的先锋生物医药企业，已构建从靶点发现到临床概 念验证(POC)的一体化创新药物开发体系，重点布局减重代谢、心脑血管、神经系统三大慢病领域。此 次前瞻性战略收购，将加速本集团在慢病领域的创新布局和临床推进，引领新一代创新疗法，惠及全球 患者。 慢病已成为全球公共卫生的首要威胁，但现有疗法普遍存在疗效局限、安全性风险及患者依从性低等系 统性 ...

赫吉亚已成功开发出覆盖多组织的差异化递送平台，且拥有自主知识产权。其核心平台MVIP(Multi- Valent Import Platform)是全球首个经临床验证、可实现"一年一针"超长效给药的肝靶向递送平台，解决 了慢性病治疗中最为棘手的依从性问题。DDP(Dual Delivery System)技术攻克了双靶点疗效1+1<2的行 业难题，并且能够应用于多种组织，未来有望能够解决多机制介导的复杂或难治性疾病。NSDP(Neuro System Delivery Platform)神经靶向递送平台，可以靶向中枢神经系统或外周神经，鞘内递送技术有望实 现"一年一针"给药频次;另外，抗体-寡核苷酸偶联物(AOC)技术的布局也在加速展开，有望实现更便捷 的给药方式。 此次收购将充分发挥赫吉亚在序列设计筛选、递送系统和化学修饰方面的领先优势，与本集团在分子形 式、专利布局及临床转化方面的成熟经验形成深度互补、协同增效。双方将携手加快siRNA肝外递送平 台的开发，引领下一代核心治疗路径发展，提升本集团在siRNA领域的全球竞争力。 赫吉亚拥有4项临床阶段资产和10余项临床前资产，均具备同类首创(first-in ...

Core Viewpoint - Sirius Therapeutics, a four-year-old biotech company focusing on siRNA therapies, has submitted its IPO application to the Hong Kong Stock Exchange, backed by major underwriters including Goldman Sachs and HSBC. Despite its promising narrative, the company faces uncertainties regarding its commercialization path and reliance on non-recurring income [2]. Group 1: Product Pipeline and Market Potential - The company has a clear and ambitious strategic layout centered around its siRNA technology platform, targeting three major chronic disease areas: coagulation disorders, cardiovascular diseases, and obesity, each with billion-dollar market potential [3]. - The lead product, SRSD107, targets coagulation factor XI and is currently in Phase II clinical trials in Europe, with plans to initiate trials in China and Australia/New Zealand. It is positioned as a potential first-in-class therapy with the ability to provide effective anticoagulation without increasing bleeding risk [3]. - The second key product, SRSD216, targets lipoprotein(a) for treating high Lp(a) levels and related cardiovascular diseases, entering Phase IIa trials in both China and the U.S. It shows over 95% Lp(a) suppression with a long duration of effect, enhancing patient compliance [4]. - The third product, SRSD384, aims to address the obesity market by targeting the INHBE protein, promoting fat loss while preserving muscle mass, differentiating it from current GLP-1 receptor agonists [4]. Group 2: Financial Performance and Profitability - As of mid-2025, the company has not generated any product sales revenue, with reported losses of 309 million yuan and 342 million yuan for 2023 and 2024, respectively, totaling 651 million yuan in losses. However, it reported a profit of 34.46 million yuan in the first half of 2025 [5][6]. - The reported profitability is heavily reliant on non-recurring income, with other income reaching 144 million yuan in mid-2025, significantly up from 4.51 million yuan the previous year, primarily due to a strategic partnership with CRISPR Therapeutics [6]. - The partnership with CRISPR includes a cash payment of $25 million and $70 million in CRISPR shares, along with potential milestone payments of up to $800 million, contributing to the company's financial performance [6]. Group 3: Shareholder Composition and Valuation - Sirius Therapeutics boasts a strong shareholder base, including OrbiMed and Tencent, which enhances its credibility and potential for future collaborations [7][8]. - The company has raised approximately $144 million through multiple funding rounds, indicating continued market confidence. Its post-money valuation reached $253 million after a $47.5 million Series B round in April 2025 [8]. - The valuation logic is primarily based on the high growth prospects of the siRNA market, projected to reach $50.3 billion by 2040, and the synergies from its collaboration with CRISPR [8]. Group 4: Market Competition and Future Challenges - The siRNA market is highly competitive, with established players like Alnylam and Arrowhead already having products on the market. The company must prove its ability to stand out in this crowded field [11]. - The IPO represents a significant bet on cutting-edge biotechnology, emphasizing the potential for technological innovation to address major diseases [11]. - The company faces challenges in demonstrating sustainable profitability and navigating the long commercialization path, which typically requires substantial investment and time [10][12].

Core Viewpoint - Sirius Therapeutics-B has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its proprietary siRNA technology platform to address unmet medical needs in chronic diseases [1] Company Overview - Sirius Therapeutics-B is a global clinical-stage biotechnology company focused on maximizing the clinical and commercial value of siRNA therapies [1] - The company is backed by a strategic foundation that includes three potential blockbuster product pipelines, a proprietary siRNA technology platform, and a global collaboration network [1] Strategic Goals - The company aims to innovate the current treatment standards for chronic diseases by developing first-in-class and best-in-class siRNA therapies targeting significant unmet medical needs globally [1]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) has shown a strong increase of 1.32% as of September 5, 2025, with notable gains in constituent stocks such as Zai Lab (688266) up 5.31%, Junshi Biosciences (688180) up 3.89%, and Huatai Medical (688617) up 3.85% [1] - Novartis continues to invest in siRNA technology, recently entering into a significant business development deal with BGI Genomics, involving an upfront payment of $160 million and a total potential milestone value of $5.2 billion [1] - According to Dongfang Securities, the performance of innovative drugs and the industry chain is strong, driven by the commercialization of domestic innovative products and the potential for international expansion [1] Industry Overview - The Sci-Tech Innovation Board Biopharmaceutical Index comprises 50 large-cap companies in the biopharmaceutical, biomedical engineering, biomedicine, and other related sectors, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Innovation Board [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 50.27% of the total index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the index, providing investors with exposure to the biopharmaceutical sector [2]

Group 1: Company Overview - Suzhou Ribo BioTechnology Co., Ltd. (Ribo Bio) submitted its main board listing application to the Hong Kong Stock Exchange on April 25, marking a significant capital move after the termination of its Sci-Tech Innovation Board application in 2021 [1] - Founded in 2007, Ribo Bio is a global leader in the research and development of small nucleic acid drugs, particularly focusing on siRNA therapies, aiming to innovate treatment methods for cardiovascular, metabolic, kidney, and liver diseases [1][2] - The company has established a self-developed technology platform that covers all key aspects of small nucleic acid drug development, from drug delivery to chemical modification and multi-target drug design, supporting the entire lifecycle from early research to commercialization [1] Group 2: Market and Industry Trends - The small nucleic acid drug industry is rapidly evolving, with increasing competition from multinational companies and leading biotech firms developing similar or competing siRNA drugs [3] - The global small nucleic acid drug market is projected to grow from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%, and is expected to reach $46.7 billion by 2033 at a CAGR of 26.1% [4] Group 3: Product Pipeline and Development - Ribo Bio has one of the largest siRNA drug pipelines globally, with six self-developed drug assets in clinical trials targeting seven indications related to cardiovascular, metabolic, kidney, and liver diseases, four of which are in Phase 2 trials [4] - The core product RBD4059, targeting FXI, is the world's first siRNA drug for treating thrombotic diseases, which is a leading cause of death globally, claiming over 10 million lives annually [6] - Ribo Bio is also advancing two key products, RBD5044 and RBD1016, which are significant in the treatment of lipid metabolism disorders and chronic hepatitis B, respectively [6] Group 4: Financial Performance - As of the end of 2023 and 2024, Ribo Bio reported net losses of RMB 437.3 million and RMB 281.5 million, respectively, with no revenue from commercial product sales [7][8] - The company anticipates substantial R&D expenditures as it progresses its clinical development plans, with R&D costs constituting 79.5% and 75.0% of total operating expenses for 2023 and 2024, respectively [9][10]