Madrigal Pharmaceuticals inks an exclusive global license agreement with Suzhou Ribo Life Science and its subsidiary Ribocure Pharmaceuticals for six preclinical MASH programs For An Upfront $60M And Milestone Payment Of $4.4B

Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), today announced an exclusive global license agreement with Suzhou Ribo Life Science Co. Ltd. (Ribo) and its subsidiary Ribocure Pharmaceuticals AB (Ribocure) for six preclinical small interfering RNA (siRNA) programs. siRNAs offer a precision approach to gene silencing in MASH by selectively reducing the production of disease-driving proteins.

"We believe meeting future patient needs in MASH will require combination approaches and treatments tailored to genetic drivers of disease. Madrigal is uniquely positioned to shape the future treatment landscape in this rapidly expanding market," said Bill Sibold, Chief Executive Officer of Madrigal. "At the start of 2025, Madrigal was a single-product company launching the first medication for MASH. Today, we have the foundational therapy in Rezdiffra, a fully enrolled F4c outcomes study, and an industry-leading MASH pipeline with more than 10 programs targeting different drivers of the disease."

"Our R&D strategy is focused on developing innovative compounds targeting validated mechanisms of disease, so we can deliver better outcomes for more patients with MASH," said David Soergel, M.D., Chief Medical Officer of Madrigal. "siRNAs are highly liver targeted, and there are several genes implicated in MASH that could be addressed with an mRNA-knockdown approach. The precision of siRNA gene silencing, combined with Rezdiffra, has the potential to create the next generation of MASH treatment: genetically targeted therapies for patients with unmet needs."

In addition to a fully enrolled Phase 3 study of Rezdiffra in compensated MASH cirrhosis (F4c), Madrigal's MASH pipeline includes:

• MGL-2086, an oral GLP-1 receptor agonist entering first-in-human studies in the second quarter of 2026.
• Ervogastat, a Phase 2 oral DGAT-2 inhibitor. The Company plans to conduct a drug-to-drug interaction study with Rezdiffra and consult with the FDA on the design of a Phase 2 combination trial this year.
• Six innovative siRNA programs, providing the potential for a genetically targeted treatment approach.
• Additional exploratory assets in various stages of development.

siRNA: Potential for an Effective, Genetically Targeted Treatment Approach

Small interfering RNAs (siRNAs) offer a precision approach to gene silencing in MASH by selectively reducing the production of disease-driving proteins. When linked to a GalNAc ligand, siRNA molecules are delivered directly into hepatocytes, where they silence genes that have been identified as key risk factors for MASH by breaking down targeted mRNA. By pairing this precise gene-silencing approach with Rezdiffra, the company aims to explore whether reducing drivers of disease at the genetic level can complement Rezdiffra's therapeutic effects. IND-enabling activities in initial candidates will begin in 2026.

Ribo has granted Madrigal an exclusive global license to develop, manufacture and commercialize six siRNA compounds. Ribo will receive an upfront payment of US $60 million and cumulative payments across the programs could reach US $4.4 billion if certain milestones are achieved, as well as royalties on net sales.