On March 19, Baiyang Pharmaceutical (301015.SZ) announced that it plans to sign an investment agreement with Sihe Gene (Beijing) Biotechnology Co., Ltd. (hereinafter referred to as "Sihe Gene"), agreeing to invest RMB 27 million in cash in Sihe Gene. After the investment, Baiyang Pharmaceutical will hold a 10% stake in Sihe Gene. Through this cooperation, Baiyang Pharmaceutical strategically secures the global priority right to acquire and commercialize all of Sihe Gene's pipeline projects. This marks Baiyang Pharmaceutical's official entry into the golden track of small nucleic acid therapy, opening a new chapter in its next-generation innovative therapy layout.

Small nucleic acid drugs are hailed as the "third wave of pharmaceutical development" following small molecule drugs and antibody drugs. In recent years, with continuous breakthroughs in core technologies such as delivery systems and chemical modification, China's nucleic acid drug sector is gradually emerging, becoming another golden track for innovative drugs after PD-1 and ADC, and the industry's development is entering a fast track. As domestic companies accelerate their R&D pipelines, the clinical value and commercial potential of small nucleic acid drugs are becoming increasingly prominent, attracting significant attention from the capital market, with frequent large-scale financing and overseas licensing transactions. Leveraging its continuous accumulation of technological innovation and industrialization capabilities, China is rapidly growing into a vital force driving the global development of small nucleic acid drugs.

According to Sullivan data, driven by the combined effects of AI-assisted sequence design, breakthroughs in GalNAc trivalent conjugation technology, and approval for medical insurance coverage, the global small nucleic acid drug market is projected to exceed $20 billion in 2029 and further expand to $60 billion by 2035. Specifically, the Chinese small nucleic acid drug market is expected to grow to $900 million by 2029 and further reach $4.2 billion by 2035.

Antisense oligonucleotides (ASOs) and small interfering RNA (siRNAs) are currently the two main technological pathways for small nucleic acid drugs. Both achieve precision treatment of diseases by targeting mRNA to regulate gene expression. Sihe Gene, invested in by Baiyang Pharmaceuticals, is a representative domestic company focusing on the research and development of next-generation ASO drugs. It has built the first domestic ASO R&D platform with complete original capabilities, forming a unique competitive advantage compared to the siRNA route, and is committed to promoting the original innovation and clinical translation of domestically produced ASO drugs.

Sihe Gene, relying on China's first AI algorithm platform for efficient ASO sequence design, innovative chemical modification platform, and targeted delivery platform, has formed a core technology matrix driving innovative R&D. Recently, its independently developed Class 1 ASO new drug "SG12 Injection" for the treatment of chronic hepatitis B has obtained IND approval for clinical trials due to its good viral clearance ability and long-term inhibitory effect in animal experimental models. Meanwhile, its innovative nucleic acid drug "SG13" for the treatment of chronic heart failure has been successfully selected for the National 15th Five-Year Plan's "National Science and Technology Major Project for Innovative Drug Development" and is currently in the preclinical research stage, with plans to apply for clinical trials in 2027.

In recent years, Baiyang Pharmaceuticals has been accelerating its transformation and upgrading into an innovative pharmaceutical company, deploying in multiple innovative fields through a dual-drive model of "investment and incubation + commercialization." The company has successively invested in Beihai Kangcheng, entering the research and commercialization of rare disease drugs; and invested in Jikun Pharmaceuticals, building an innovative drug research and development platform for anti-organ fibrosis. Simultaneously, Baiyang has partnered with innovative companies such as Jiluntai and Lebo Ruichen to expand into cutting-edge treatment directions such as RDC and PDC. Currently, the company has formed a diversified commercial product matrix in the treatment fields of bone health, anti-organ fibrosis, tumor brain metastases, and cardiovascular diseases, while its R&D pipeline continues to expand and its innovation reserves continue to strengthen.

Based on Sihe Gene's accumulated R&D experience in small nucleic acid drugs, this strategic investment by Baiyang Pharmaceuticals will promote multi-dimensional and in-depth collaboration between the two parties in core therapeutic areas such as liver, cardiovascular, nervous system, and rare diseases, encompassing innovative drug development, manufacturing, domestic and global commercialization, and capital operations. Through resource integration and complementary advantages, the two parties will jointly advance the R&D and market launch of innovative small nucleic acid drugs, enabling more patients to benefit from innovative achievements as soon as possible.

Amidst the fierce competition among major pharmaceutical companies to enter the small nucleic acid market, Baiyang Pharmaceuticals' investment in Sihe Gene demonstrates the company's firm commitment to innovation-driven transformation.

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