Madrigal Pharmaceuticals, Inc. and Suzhou Ribo Life Science Co. Ltd., Ribocure Pharmaceuticals AB
Type: License agreement
In-Licensee: Madrigal Pharmaceuticals, Inc.
Out-Licensor: Suzhou Ribo Life Science Co. Ltd. and Ribocure Pharmaceuticals AB
Focus: siRNA GalSTAR ™ platform
Upfront Payment: $ 60 million
Milestone payments: $4.4 billion
Financial impact: The partnership between Madrigal Pharmaceuticals and Ribo/Ribocure involves a $60 million upfront payment and up to $4.4 billion in milestones and royalties, providing Ribo immediate funding and long-term revenue potential while allowing Madrigal to cost-effectively expand its MASH siRNA pipeline and diversify future revenue.
Suzhou Ribo Life Science and its subsidiary Ribocure Pharmaceuticals AB have signed an exclusive global licensing deal with Madrigal Pharmaceuticals for six pre-clinical siRNA programs targeting Metabolic Dysfunction-Associated Steatohepatitis (MASH). The collaboration leverages Ribo’s liver-targeting GalSTAR™ platform, with options to expand into bi-specific siRNAs and new programs. Under the agreement, Ribo receives a $60M upfront payment, potential milestones up to $4.4B, and royalties on net sales, while Madrigal gains rights to develop, manufacture, and commercialise the assets worldwide.
Eight years' market revenue of MASH drugs
The MASH (Metabolic Dysfunction-Associated Steatohepatitis) market is projected to reach $7.47 billion by 2030, growing at a CAGR of 16.2% from 2024–2030. MASH is a severe liver disease that can progress to fibrosis, cirrhosis, and cancer. Rising rates of obesity, diabetes, and lifestyle changes are driving market growth, while secondary disorders like lysosomal acid lipase deficiency also contribute.
Market Revenue Trends:
- 2020: ~$1.9 billion, largely from pre-approval activity and off-label use, as no MASH-specific drugs were approved.
- 2021: $1.1–1.57 billion, still mostly off-label or investigational therapies.
- 2022: ~$802 million, reflecting early commercial uptake in major markets (U.S., EU5, Japan) before approvals.
Eight years market revenue of MASH (2018-2025)
Fig 10: MASH market revenue
- 2023: ~$7.28 billion, including off-label, investigational, and early access programs, with first approvals pending.
- 2024: ~$7.87 billion overall, with ~$178 million from approved drug sales (mainly Rezdiffra).
- 2025: ~$3.18 billion projected for the treatment market, reflecting adoption of newly approved therapies and broader treatment uptake.
Market Impact of This Partnership
The partnership between Madrigal Pharmaceuticals and Ribo Life Science/Ribocure strengthens Madrigal’s position in the MASH market by expanding its pipeline with six preclinical siRNA therapies, complementing Rezdiffra. The deal includes $60 M upfront and up to $4.4 B in milestones, signaling strong market confidence. It accelerates development of gene-targeted treatments, enables potential combination therapies, and enhances Madrigal’s global R&D and competitive edge in the growing MASH therapeutic landscape.
“By partnering with Ribo/Ribocure, Madrigal expands its MASH pipeline with cutting-edge siRNA therapies, positioning itself for leadership in next-generation, gene-targeted treatments”