Fire on the Rise: The Global Battlefield of Oligonucleotide Drugs

This article is based on publicly available information for knowledge sharing purposes only and does not constitute investment advice.

In 2026, China's oligonucleotide drug industry officially entered its "Capital Year," with sector heat soaring. The successful listing of Ribomet Biotech injected new energy into the market, and just days later, CSPC Pharmaceutical’s $1.8 billion acquisition of domestic siRNA innovator Hejiya Biotech added another spark to this booming field.

As the third major drug modality after small molecules and antibodies, oligonucleotide drugs—renowned for their precise targeting and broad therapeutic potential—have become a core global biopharmaceutical innovation frontier. While domestic capital attention surges, the global competitive landscape is equally compelling.

01 The Triumvirate

The global oligonucleotide drug market is dominated by a "triumvirate": Alnylam, Ionis, and Sarepta. These companies leverage technological barriers and commercialization expertise to remain industry leaders. By the end of 2025, 19 oligonucleotide drugs had been approved worldwide, nearly all from these three giants.

Alnylam, a leader in siRNA, drives rapid product iteration through its GalNAc delivery system, with six siRNA approvals by 2025 across rare diseases, cardiovascular, and metabolic areas. Ionis, focused on ASO technology, holds an early-mover advantage in CNS and muscle disorders, with Spinraza leading global sales. Sarepta specializes in muscular diseases, pioneering RNA exon-skipping therapy for Duchenne Muscular Dystrophy (DMD).

Market data shows that in 2024, global oligonucleotide drug sales reached $5.247 billion, with Spinraza, Amvuttra, and Sarepta's portfolio capturing nearly 70% of the market—a testament to the triumvirate’s grip on the sector.

02 Blockbusters in the Making

The global oligonucleotide market is entering a commercialization peak. By 2033, the market is projected to reach $46.7 billion, growing at a CAGR of 25%. While most products currently target rare diseases, promising late-stage candidates—including Alnylam’s Amvuttra and Leqvio, Arrowhead’s Plozasiran, and Alnylam’s Zilebesiran—could become the next blockbusters.

Amvuttra’s quarterly subcutaneous dosing significantly improves patient compliance; Leqvio targets PCSK9 for cardiovascular disease, boasting a much larger market ceiling. These emerging therapies are accelerating the transition of oligonucleotide drugs from niche markets to mainstream treatment.

03 The Shift is Happening

Though the triumvirate remains strong, multinational corporations (MNCs) have entered aggressively through acquisitions and collaborations. Companies such as Novartis, Lilly, Boehringer Ingelheim, and Regeneron are heavily investing, with global transaction volume in 2025 reaching $36.473 billion—a 300% YoY surge.

Meanwhile, Chinese companies are rising as a new force with proprietary delivery platforms, differentiated pipelines, and cost advantages. Ribomet Biotech’s IPO marks a milestone for China’s oligonucleotide innovation. Hengrui Medicine, Innovent, and Junshi Biosciences are also accelerating development.

As indications expand from rare diseases to cardiovascular, obesity, and hepatitis B, the global oligonucleotide drug market ceiling rises. The era of the “three giants” is giving way to a “battle of the many,” signaling a thrilling new phase in global competition.