By Fineline Cube 
Mirxes Holding Company Limited (HKG: 2629) and Walvax Biotechnology Co., Ltd. (300142.SZ) signed a Memorandum of Understanding (MOU) to establish a strategic partnership for creating an RNA‑centric platform focused on prophylaxis and precision medicine, covering co‑development, clinical trials, registration, and commercialization.
Partnership Structure
| Item | Detail |
|---|---|
| Parties | Mirxes Holding (HKG: 2629) & Walvax Biotechnology (SHE: 300142) |
| Agreement Type | Memorandum of Understanding (MOU) |
| Platform Focus | RNA‑centric platform for prophylaxis and precision medicine |
| Scope | Co‑development, clinical trials & registration, sales & distribution |
| Geography | China (initial focus) |
| Next Steps | Definitive agreements expected Q1 2026; first co‑developed program targeted for IND filing H2 2026 |
Partner Profiles
Walvax Biotechnology
- Founded: 2001
- Market Cap: ¥45 billion (US$6.2 billion)
- Technology Platforms: Bacterial vaccines, recombinant protein vaccines, mRNA vaccines, recombinant adenovirus vector vaccines
- Commercial Portfolio: 8 vaccine varieties (14 specifications) launched; mRNA COVID‑19 vaccine (Omicron XBB.1.5) approved for emergency use in December 2023
- Manufacturing: GMP‑compliant facilities with annual capacity exceeding 200 million doses
Mirxes Holding
- Listed: HKEX (HKG: 2629), market cap ~HK$8 billion (US$1.0 billion)
- Focus: RNA technology, precision diagnostics, and therapeutic development
- Strategic Rationale: Leverages Walvax’s proven mRNA manufacturing and Mirxes’s RNA R&D to create integrated platform
Strategic Rationale
- Technology Synergy: Combine Walvax’s mRNA vaccine expertise with Mirxes’s precision medicine pipeline to develop next‑generation RNA therapeutics beyond infectious diseases.
- Market Gap: No major Chinese biopharma offers an end‑to‑end RNA platform spanning discovery, manufacturing, and commercialization for both prophylactic vaccines and precision oncology therapies.
- Regulatory Advantage: Walvax’s established NMPA relationships and track record (COVID‑19 mRNA approval) may accelerate clinical trial initiation and regulatory review.
- Commercial Scale: Walvax’s distribution network covers 31 provinces and 2,000+ CDCs, providing immediate channel access for any co‑developed products.
Market Impact & Outlook
| Segment | China Market Size (2024) | Growth CAGR | RNA Platform Potential |
|---|---|---|---|
| Prophylactic mRNA Vaccines | ¥8.5 billion (US$1.2 billion) | 25% | ¥3.0 billion by 2030 (35% share) |
| Precision Oncology RNA | ¥2.1 billion (US$290 million) | 40% | ¥1.5 billion by 2030 (70% share) |
| Total Addressable Market | ¥10.6 billion (US$1.5 billion) | 29% | ¥4.5 billion peak sales potential |
- Revenue Model: Co‑development costs split 50/50; profits shared based on contribution (estimated 60% Walvax / 40% Mirxes for vaccines, 50/50 for precision medicine).
- Pipeline Forecast: First mRNA cancer vaccine (KRAS‑mutated solid tumors) expected to enter clinic Q4 2026; first infectious disease booster (influenza/COVID combo) Q2 2027.
- Competitive Moat: Partnership creates China’s only dual‑capability RNA platform, potentially deterring late‑stage entrants.
- Valuation Impact: Mirxes shares rose 8.3% on announcement; analysts see 15‑20% upside if definitive agreement includes upfront payment or profit‑share guarantees.
Forward‑Looking Statements
This brief contains forward‑looking statements regarding the Mirxes‑Walvax partnership, RNA platform development, and commercial potential. Actual results may differ materially due to risks including failure to finalize definitive agreements, clinical trial outcomes, regulatory approval timelines, and market competition.-Fineline Info & Tech