Minghui Pharmaceutical, a late-stage clinical biopharmaceutical company, announced the closing of a $131 million Pre-IPO financing round on August 7, 2025. The funding was led by new investors OrbiMed and co-led by Qiming Venture Partners, with additional support from existing investor TF Capital and seven new investors, including BioTrack Capital, 5Y Capital, New Day Fund, and Wider Link Enterprise Investment limited.
Strategic Focus on Advanced Therapeutics
The proceeds will be strategically deployed to advance Minghui's clinical programs, with particular emphasis on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funding will also support the planned commercial launch of the company's topical JAK inhibitor in China, which is currently under New Drug Application (NDA) review.
"This financing marks an important milestone as we continue to advance a globally competitive pipeline and enter our next stage of growth," said Dr. Guoqing Cao, Chief Executive Officer of Minghui. "We're grateful for the confidence and support of our investors and remain committed to delivering innovative medicines that improve outcomes for patients worldwide."
Robust Late-Stage Pipeline
Minghui has built a differentiated pipeline targeting critical unmet medical needs in oncology and immunology. The company's lead assets include an innovative topical JAK inhibitor currently under NDA review in China and a subcutaneous IGF-1R antibody in Phase 3 trials for thyroid eye disease.
The oncology portfolio features a novel PD-1/VEGF bispecific antibody in Phase 2 trials, being evaluated in combination with a TROP2 ADC, and a B7-H3 ADC in Phase 3 trial for second-line small cell lung cancer. Both ADCs demonstrate strong best-in-class potential according to the company.
Investor Confidence and Board Expansion
Representatives from both OrbiMed and Qiming Venture Partners will join Minghui's Board of Directors as part of the financing agreement. The investment reflects confidence in the company's scientific approach and execution capabilities.
"We have been impressed by Minghui's scientific rigor, execution capabilities, and differentiated pipeline," said Dr. David Wang, Partner and Senior Managing Director at OrbiMed Asia. "We're excited to support the company as it transitions towards commercialization and expands its global footprint."
Dr. Kan Chen, Partner and Co-lead of Healthcare at Qiming Venture Partners, added: "Minghui has built a compelling portfolio of novel drug candidates targeting critical unmet medical needs. We are pleased to support its continued growth and help bring transformative therapies to patients around the world."
Investment Firm Profiles
OrbiMed operates as a leading global healthcare investment firm with over $17 billion in assets under management across private equity funds, public equity funds, and private credit/royalty funds. The firm's team of over 100 scientific, medical, investment, and other professionals are based in key markets worldwide.
Qiming Venture Partners, founded in 2006, manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since establishment, the firm has invested in over 580 fast-growing and innovative companies in the Technology and Healthcare industries. Over 210 of their portfolio companies have achieved exits through IPOs or M&A, with over 80 portfolio companies achieving unicorn or super unicorn status.
