China's Suzhou Ribo Life Science jumps on Madrigal licensing deal

Suzhou Ribo Life Science shares 6938.HK jump 14.9% to HK$80.8, their highest level since January 26

Madrigal Pharmaceuticals MDGL.O said on Wednesday it has entered into a global licensing deal with Suzhou Ribo Life Science for six preclinical small interfering RNA programs to treat a type of liver disease

Madrigal gets exclusive rights to develop, manufacture and commercialise the six siRNA compounds

Chinese biotech firm will get an upfront payment of $60 mln, with total payments across programs potentially reaching up to $4.4 bln, if milestones are met, and royalties on future net sales

Since January 9 debut, stock up 39.4% from offer price of HK$57.97

YTD, Hang Seng Biotech Index .HSBIO up 12.2%