5Y News｜Minghui Pharma Closes $131 Million Pre-IPO Round to Accelerate Pipeline Development and Global Expansion
Dedicated to developing innovative therapies that address unmet clinical needs worldwide.
On August 7, 2025, Minghui Pharmaceutical announced the completion of a $131 million Pre-IPO financing round. The round was led by OrbiMed, a globally recognized healthcare investment firm, with Qiming Venture Partners as co-lead. Existing shareholder TF Capital continued its support. The company also brought in several high-quality institutional investors, including 5Y Capital, BioTrack Capital, New Day Fund, and Wider Link Enterprise Investment Limited. Representatives from OrbiMed and Qiming Venture Partners will join the company's board of directors.
The proceeds will primarily accelerate the advancement of the company's core clinical-stage programs, with a focus on supporting the combination therapy development strategy for its PD-1/VEGF bispecific antibody and antibody-drug conjugate (ADC), as well as preparing for the China launch and commercialization of its topical JAK inhibitor.
Minghui Pharmaceutical is a late-stage clinical biopharmaceutical company focused on oncology and immune-related diseases, dedicated to developing innovative therapies that address unmet global medical needs. Leveraging deep R&D expertise and proprietary technology platforms, the company has built a diversified, differentiated, and globally competitive product pipeline.
The company's core products include: a novel topical JAK inhibitor for which a marketing application has been submitted in China; a subcutaneous IGF-1R antibody for thyroid eye disease currently in Phase III trials; a Phase II PD-1/VEGF bispecific antibody being evaluated in combination with a TROP2 ADC; and a B7-H3 ADC for second-line small cell lung cancer treatment in Phase III. Both ADC candidates have demonstrated strong best-in-class potential.
"This financing marks a critical step for Minghui toward globalization and commercialization," said Dr. Guoqing Cao, CEO of Minghui Pharmaceutical. "We are deeply grateful for the trust and support of both our new and existing shareholders. We will continue to prioritize clinical value and advance our globally differentiated innovative medicines to benefit patients as quickly as possible."
Dr. Guoqing Cao graduated from the Biology Department at Fudan University. In 1990, he went to the United States to study cholesterol metabolism and cardiovascular disease at the University of Texas Southwestern Medical Center at Dallas. In 1999, he joined Eli Lilly and Company's Cardiovascular and Metabolic Diseases division as a senior biologist, leading multiple new drug discovery programs and receiving Lilly's "President's Award" twice over more than a decade. He returned to China in 2012 to join Hengrui Medicine as Deputy General Manager. In 2018, he founded Minghui Pharmaceutical to focus on innovative drug R&D.
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