Targeting a market of 23 million patients, Hutchison China MediTech accelerates once again

Ask AI · How Etripamil Nasal Spray Is Reshaping the Treatment Landscape for Arrhythmias

Recently, Genting New Dawn announced an asset acquisition agreement with Ji Xing Pharmaceuticals Hong Kong Limited, securing development, commercialization, and product rights for the innovative drug Etripamil nasal spray in Greater China with a $30 million upfront payment and milestone payments up to $20 million.

Etripamil nasal spray targets two major indications: paroxysmal supraventricular tachycardia (PSVT) and atrial fibrillation with rapid ventricular response (AFib-RVR). In China, these conditions affect over 23 million patients. If subsequent indications are approved, this innovative medication could unlock a vast and promising market.

01

Reshaping the Treatment Paradigm

Paroxysmal supraventricular tachycardia (PSVT) is a clinical syndrome characterized by sudden onset and termination of rapid, regular heartbeats, usually lasting minutes to hours, with significant symptoms and high anxiety.

Before Etripamil’s emergence, treatment options for acute PSVT episodes had seen little progress over the past three decades. Traditional approaches have notable limitations: intravenous drugs are only usable in hospitals with short-lived effects and high recurrence; long-term oral medications often cause systemic side effects; physical interventions like vagal maneuvers have low success rates and unstable results, requiring medical visits and limiting use scenarios; radiofrequency ablation can be curative but is invasive and unsuitable for emergency situations.

In May 2021, Ji Xing licensed exclusive rights from Milestone to develop and commercialize Etripamil in Greater China for PSVT and other cardiovascular diseases. In December 2025, the drug was approved by the U.S. FDA, becoming the first and only treatment in over 30 years for acute symptomatic PSVT in adults, opening a new treatment scene.

Etripamil nasal spray is a novel fast-acting calcium channel blocker that can be used as needed to treat typically predictable and symptomatic PSVT episodes. It offers patients an innovative “immediate-use” solution, allowing self-administration at symptom onset to quickly terminate episodes, enabling proactive disease management and greater control.

This fundamentally breaks the traditional reliance on emergency intravenous administration for acute PSVT attacks.

Global Phase III RAPID study (published in The Lancet) showed that 64% of patients self-administering Etripamil converted from PSVT to normal sinus rhythm within 30 minutes, more than twice the 31% in the placebo group. Additionally, conversion time was significantly shorter, with effects appearing earlier and lasting longer; the Etripamil group had a median conversion time of only 17 minutes versus 54 minutes for placebo.

In China, the Phase III JX02002 study also met its primary endpoint, showing that patients treated with Etripamil converted to sinus rhythm significantly faster within 30 minutes compared to placebo (hazard ratio=3.002; p=0.0005).

Safety data are equally encouraging: in all Phase III trials, no serious adverse events occurred within 24 hours of administration. Common adverse events (≥5%) were mild to moderate and transient, including nasal discomfort, congestion, rhinorrhea, throat irritation, and nosebleeds. These data support its safety for home use.

Beyond the approved PSVT indication, Etripamil nasal spray is also being developed for AFib-RVR, which involves rapid ventricular response in atrial fibrillation. AFib is one of the most common arrhythmias in China, and when ventricular rate is uncontrolled, there is a lack of effective outpatient rapid control options. Multicenter Phase II ReVeRA study showed that Etripamil significantly reduced ventricular rate in AFib-RVR patients, with 58.3% achieving rates below 100 bpm, far higher than the 4% in the placebo group.

In China, in January 2025, the National Medical Products Administration (NMPA) officially accepted the new drug application (NDA) for Etripamil nasal spray to treat PSVT.

02

Blue Ocean Opportunity

Genting New Dawn’s introduction of Etripamil nasal spray is not just a product addition but a strategic positioning in the vast cardiovascular market, driven by a huge disease burden and urgent clinical needs.

Cardiovascular disease remains the leading killer worldwide and the primary cause of death in Chinese residents. With aging populations and lifestyle changes, the prevalence of arrhythmias in China continues to rise.

PSVT is characterized by recurrent episodes, with many patients experiencing multiple attacks annually, often unpredictable in timing and setting. Long-term recurrent episodes can damage myocardial function. In China, approximately 2.3–4 per 1,000 people are affected, totaling an estimated 3–6 million patients.

Meanwhile, expanding indications to AFib-RVR involves an even larger patient base. The prevalence of atrial fibrillation in China is about 1.6%, corresponding to roughly 20 million patients, with numbers rising due to aging. AFib-RVR features irregular, rapid heart rates, and similarly lacks convenient outpatient rapid control options.

Combining PSVT and AFib-RVR, the potential target population exceeds 23 million, representing a clinical demand-rich and high-potential market. Traditional treatments impose physical and psychological burdens on patients and strain emergency healthcare resources. Etripamil nasal spray precisely addresses this unmet need, shifting acute arrhythmia intervention from hospital emergency departments to patients’ homes, enabling proactive outpatient management.

Etripamil nasal spray is currently the only self-administered medication for PSVT episodes at home. Its unique formulation and clinical advantages position it to rapidly capture market share, becoming a key product in cardiovascular emergencies with enormous growth potential.

03

Strategic Outlook for 2030

Genting New Dawn’s performance is accelerating. Its flagship product, Naxdil, the world’s first IgA nephropathy targeted therapy, approached 1 billion yuan in sales in the first three quarters of 2025. The company expects annual revenue to reach 1.2–1.4 billion yuan, with over 200% YoY growth, and potentially doubling again in 2026.

Building on this success, Genting New Dawn is transforming from “single product breakthrough” to “platform and diversification.” In December 2025, it announced its 2030 development strategy: driven by “BD partnerships + self-research,” aiming for over 15 billion yuan in revenue by 2030 (current pipeline: 9 billion + new pipeline: 6 billion), expanding its portfolio to over 20 products, and reaching a market cap of 100 billion yuan, establishing itself as a leading global biopharmaceutical company.

Image source: Genting New Dawn official website

According to the strategy, the company will create value through innovative asset acquisitions and foster growth via independent R&D. The acquisition of Etripamil is a core component of its annual pipeline expansion plan, further strengthening its key therapeutic areas.

Genting New Dawn’s 2030 strategy focuses on nephrology, autoimmune diseases, critical care, cardiovascular, and ophthalmology, aiming to develop a high-value product portfolio and expand into other blue ocean markets.

In cardiovascular fields, the company is rapidly building a multi-layered product matrix:

· Chronic disease management (lipid-lowering): In December 2025, the company obtained exclusive rights in Greater China for the third-generation PCSK9 inhibitor Lerodalcibep, for managing chronic hypercholesterolemia. The drug has FDA approval; China BLA submission is expected in 2026, with approval possible in 2027. Additionally, Genting New Dawn will handle commercialization of six mature products from Haisen Bio in mainland China, covering critical care, cardiovascular, and metabolic areas.

· Acute disease treatment (arrhythmias): The introduced Etripamil nasal spray for outpatient acute treatment of PSVT and potential AFib-RVR.

· Mature product line expansion: In March 2026, Genting New Dawn plans to acquire all shares of Haisen BioPharma (Singapore), which specializes in prescription drugs for chronic and critical illnesses, especially cardiovascular and metabolic segments, holding rights to 14 brands across Asia-Pacific.

Cardiovascular disease remains a core focus. Etripamil nasal spray complements other cardiovascular and metabolic pipelines, enhancing the company’s differentiated and competitive product portfolio in this large market.

Genting New Dawn recognizes Etripamil’s current value in PSVT and its potential in expanding to AFib-RVR and other indications. More importantly, it sees the long-term trend of “home-based autonomous intervention” treatment paradigm driven by this drug. This is not just a product acquisition but an investment in a rising treatment paradigm and a vast future market.

04

Conclusion

Introducing Etripamil nasal spray is a key step for Genting New Dawn to solidify its cardiovascular layout and implement its 2030 strategy.

The innovative drug industry is now in a stage of precise deployment and ecosystem synergy. This transaction exemplifies high-quality strategic BD: true core cooperation involves not just pipeline filling or product introduction but building a differentiated, paradigm-shifting product portfolio, reshaping disease treatment standards and market competition, ultimately driving long-term enterprise value growth.

Reference: Ji Xing Pharmaceuticals, Genting New Dawn official websites

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