Ribo and Ribocure Announce Exclusive Global Licensing Agreement with Madrigal for Novel siRNA Therapeutics Targeting MASH
Rhea-AI Summary
Madrigal Pharmaceuticals (NASDAQ: MDGL) secured an exclusive worldwide license from Ribo and Ribocure for six pre-clinical siRNA programs targeting metabolic dysfunction-associated steatohepatitis (MASH).
Terms include a US$60M upfront, potential cumulative payments up to US$4.4B for milestones, and royalties on net sales. The deal uses Ribo's GalSTAR™ liver-targeting siRNA platform with options to expand into bi-specific siRNAs.
Positive
- US$60M upfront payment to Ribo
- Up to US$4.4B in potential milestone payments
- Exclusive global license for six pre-clinical MASH siRNA programs
- Access to Ribo's validated GalSTAR™ liver-targeting siRNA platform
Negative
- All licensed programs are pre-clinical, carrying high development risk
- Most US$4.4B is milestone‑contingent, creating uncertain near-term cash impact
Key Figures
Market Reality Check
Peers on Argus
Pre-news, MDGL was slightly lower while key biotech peers were mixed. Only MRNA appeared in momentum scans with a notable downside move (-7.97%), suggesting today’s setup looked stock-specific rather than a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 05 | Inducement awards | Neutral | +3.1% | Grants of 5,861 RSUs to 21 new non-executive employees under inducement plan. |
| Feb 02 | Earnings timing | Neutral | +0.1% | Announcement of Q4 and full-year 2025 results date and webcast details. |
| Jan 22 | Inducement awards | Neutral | +0.2% | Options for 3,049 shares and 13,145 RSUs granted to 40 new employees. |
| Jan 21 | Executive inducement | Neutral | +0.2% | Inducement equity award to new CAO, combining RSUs and stock options. |
| Jan 09 | Pipeline licensing | Positive | -7.6% | Exclusive global license from Pfizer for Phase 2 DGAT-2 inhibitor ervogastat and other MASH assets. |
Recent corporate/clinical news has generally seen modest price moves, with one notable divergence on a prior MASH licensing deal.
Over the last month, Madrigal’s news flow has focused on equity inducement grants, an upcoming Feb. 19, 2026 earnings release, and pipeline expansion. A January license for a Phase 2 DGAT-2 inhibitor and early-stage MASH assets from Pfizer led to a -7.58% move, contrasting with the modest positive reactions around routine inducement awards. Today’s siRNA MASH collaboration adds another external pipeline agreement to this sequence of partnership-driven pipeline expansion.
Market Pulse Summary
This announcement details an exclusive global license giving Madrigal access to six pre-clinical siRNA programs for MASH, supported by Ribo’s GalSTARTM platform. Financial terms include a US$60M upfront payment and up to US$4.4B in milestones plus royalties. In the context of a prior MASH licensing deal and multiple recent corporate updates, investors may focus on how these complementary modalities integrate with the existing MASH franchise and upcoming catalysts such as earnings.
Key Terms
sirna medical
AI-generated analysis. Not financial advice.
The collaboration will utilize Ribo's validated liver targeting siRNA GalSTARTM platform to develop novel treatments for MASH. The license agreement covers multiple existing pre-clinical assets from Ribo. In addition, both parties have the option to expand the scope of collaboration onto new siRNA programs including bi-specific siRNAs (agents that target two disease-causing genes simultaneously) utilizing Ribo's unique GalSTARTM and siRNA chemical modification platforms.
We are enthusiastic to join forces with Madrigal Pharmaceuticals, drawing on their extensive knowledge together with our siRNA expertise to advance life changing therapies for people affected by liver disease, says Dr. Zicai Liang, CEO of Ribo.
To have the opportunity to work with the company that successfully launched the world's first drug for MASH, a disease with rising prevalence and strong associations with numerous life-threatening comorbidities, is very encouraging. Leveraging our proprietary siRNA platform, we aim to expand the MASH therapeutic landscape through complementary, multi-mechanistic approaches, delivering more targeted and effective treatments for patients with unmet needs, says Dr Li-Ming Gan CEO of Ribocure and co-CEO of Ribo.
Financial Considerations
Under the agreement, Ribo has granted Madrigal an exclusive global license to develop, manufacture, and commercialize several siRNA assets. Ribo will receive an upfront payment of
About MASH
Metabolic dysfunction-associated steatohepatitis (MASH), formerly known as nonalcoholic steatohepatitis (NASH), is a serious liver disease that can progress to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH is the leading cause of liver transplantation in women and the second leading cause of all liver transplantation in the U.S., and the fastest-growing indication for liver transplantation in Europe.
Once patients progress to MASH with moderate to advanced liver fibrosis (consistent with stages F2 to F3 fibrosis), the risk of adverse liver outcomes increases dramatically: these patients have a 10-17 times higher risk of liver-related mortality as compared to patients without fibrosis. Those who progress to cirrhosis face a 42 times higher risk of liver-related mortality, underscoring the need to treat MASH before complications of cirrhosis develop. MASH is also an independent driver of cardiovascular disease, the leading cause of mortality for patients.
As MASH disease awareness improves and disease prevalence increases, the number of diagnosed patients with MASH with moderate to advanced fibrosis or compensated MASH cirrhosis (F2-F4c) is expected to grow.
About Suzhou Ribo Life Science Co. Ltd. and Ribocure Pharmaceuticals AB
Suzhou Ribo Life Science Co. Ltd. (HKEX: 6938) is an innovative clinical stage R&D company devoted to the development of nucleic acid drugs and related products based on the RNA interference (RNAi) technology. With its innovative R&D capabilities with vertically integrated technological platforms, Ribo has built a strong product pipeline, aiming to make contribution to the treatment of serious diseases with unmet medical needs.
As a subsidiary of Suzhou Ribo Life Science, Ribocure Pharmaceuticals AB is dedicated to globalized development of life-saving oligonucleotide therapies, with focus on development of assets and pipeline as well as new target ideas and on building innovative capacities to conduct clinical trials and developing siRNA drugs to address real unmet medical needs globally.
For more information, please visit www.ribolia.com and www.ribocure.com
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease with high unmet medical need. Madrigal's medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed THR-β agonist designed to target key underlying causes of MASH. Rezdiffra is the first and only medication approved by both the FDA and European Commission for the treatment of MASH with moderate to advanced fibrosis (F2 to F3). An ongoing Phase 3 outcomes trial is evaluating Rezdiffra for the treatment of compensated MASH cirrhosis (F4c). For more information, visit www.madrigalpharma.com.
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SOURCE Suzhou Ribo Life Science Co., Ltd.
FAQ
What did MDGL announce on February 11, 2026 about a licensing deal with Ribo?
How much upfront did Madrigal agree to pay Ribo for the MDGL license?
What programs and platform are included in Madrigal's MDGL license from Ribo?
What is the commercial scope of the MDGL-Ribo agreement for MASH therapeutics?
Does the MDGL deal include future program expansion or bi-specific siRNAs?
What is the near-term investor impact of Madrigal's MDGL licensing deal with Ribo?
