Ribo and Ribocure Announce Exclusive Global Licensing Agreement with Madrigal for Novel siRNA Therapeutics Targeting MASH

SUZHOU, China and MÖLNDAL, Sweden, Feb. 11, 2026 /PRNewswire/ -- Suzhou Ribo Life Science Co., Ltd. (HKEX: 06938) ("Ribo") and its subsidiary Ribocure Pharmaceuticals AB ("Ribocure") today announced that they have entered into an exclusive worldwide licensing agreement with Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) ("Madrigal") for six pre-clinical small interfering RNA (siRNA) programs for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).

The collaboration will utilize Ribo's validated liver targeting siRNA GalSTAR^TM 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 GalSTAR^TM 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 US$60M and cumulative payments could reach US$4.4B if certain development, regulatory and commercial milestones are achieved, as well as potential royalties on net sales.

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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