Madrigal Pharmaceuticals (NASDAQ:MDGL) is doubling down on its dominance of the liver-disease market, announcing an expansive partnership with Ribo to develop next-generation gene-silencing therapies.
The deal gives Madrigal exclusive global rights to six preclinical small interfering RNA (siRNA) programs specifically targeting MASH, a chronic liver condition that has become a primary focus for global biopharma.
Under the terms of the agreement, Madrigal will pay Ribo an upfront fee of $60 million.
The deal structure includes a heavy emphasis on performance, with Ribo eligible for up to $4.4 billion in cumulative development, regulatory, and commercial milestones across the six programs, plus tiered royalties on future net sales.
This move effectively transforms Madrigal from a company centered on its recently launched and FDA-approved Rezdiffra into a diversified platform player.
With this acquisition, Madrigal’s pipeline now exceeds 10 active programs.
The company plans to initiate IND-enabling activities for the first of these siRNA candidates in 2026, aiming to address genetic drivers of the disease that are unreachable by current oral therapies.