Qiming View | Qiming Venture Partners' Kan Chen: Leading Two Consecutive Rounds for Ticen Biotech, Firmly Committed to Cutting-Edge Medical Innovation
Qiming Venture Partners remains steadfast in its focus on addressing unmet clinical needs and consistently pursues cutting-edge healthcare innovations with global competitiveness.
According to IPO Zaozhidao, TianChen Biopharma (Suzhou) Co., Ltd. (hereinafter referred to as "TianChen Biopharma") officially listed on the Main Board of the Hong Kong Stock Exchange on June 5, 2026, under the stock code "1779."
As a leading innovative biopharmaceutical company focused on allergic and autoimmune diseases, TianChen Biopharma has completed multiple funding rounds since its founding. Qiming Venture Partners led the company's Series B2 round in 2024 and subsequently co-led its Series C round in 2025. Prior to the IPO, Qiming Venture Partners held a 4.27% stake in TianChen Biopharma, making it one of the major institutional investors. Kan Chen, Partner at Qiming Venture Partners and co-head of the healthcare innovation practice, serves as a non-executive director of TianChen Biopharma.
Kan Chen, Managing Partner at Qiming Venture Partners and co-head of the healthcare innovation practice
Chen revealed that Qiming Venture Partners' decision to lead TianChen Biopharma's Series B2 round in 2024 was based on a comprehensive assessment across four dimensions: clinical demand, technological moat, team caliber, and market inflection point:
First, Xolair (omalizumab), the world's first food allergy drug, was approved in the United States that year, opening up entirely new commercial possibilities in the allergy space. This validated the massive market potential of the allergy track and confirmed the accuracy of Qiming Venture Partners' investment thesis on unmet clinical needs.
Second, rising living standards and growing health awareness in China, combined with the increasing prevalence of allergic rhinitis, asthma, and chronic urticaria, meant that existing treatments failed to cover all patients. The unmet clinical need was extremely urgent.
Third, TianChen Biopharma's core product, LP 003, is a next-generation anti-IgE antibody. Head-to-head clinical data showed that its affinity, efficacy, safety, and dosing convenience were all significantly superior to the already-marketed Xolair. It was a globally leading next-generation allergy therapeutic with worldwide competitiveness.
Fourth, Dr. Naichao Sun, founder of TianChen Biopharma, was the original inventor of Xolair and had spent decades working in the allergy field — a "source-level" scientist in allergy drug R&D. Meanwhile, the management team led by Dr. Heng Liu, co-founder, Chairman, and CEO, was pragmatic and highly efficient at clinical execution, with a clear vision for commercialization pathways, indication strategy, and global expansion planning. They possessed full-chain capabilities from lab to commercialization.
As for why Qiming Venture Partners co-led TianChen Biopharma's Series C round less than a year later, Chen pointed to two factors. On one hand, Xolair's post-launch market reception had been enthusiastic, with global sales climbing steadily, further validating the allergy track and particularly the value of innovative biologics. On the other hand, TianChen Biopharma's core pipeline asset LP 003 had smoothly advanced through its Phase III trial for seasonal allergic rhinitis and completed key milestones, with efficacy and safety data continuing to impress and meeting preset clinical endpoints. The Phase II head-to-head trial against Xolair for chronic spontaneous urticaria (CSU) had generated positive topline data, while the Phase II trial for allergic asthma was proceeding well. Overall clinical progress and data performance significantly exceeded Qiming Venture Partners' initial investment expectations, substantially de-risking the product's path to market. Additionally, TianChen Biopharma had successfully completed IND filings for LP 003 and LP 005 in the United States and initiated overseas bridging studies, laying groundwork for global commercialization.
Moreover, Chen noted that TianChen Biopharma's core founding team possessed qualities rarely found in typical scientist-led teams — Dr. Sun, as Xolair's original inventor, had exceptionally deep understanding of allergic diseases and the underlying mechanisms of the IgE pathway, backed by decades of global R&D experience that ensured TianChen Biopharma remained at the cutting edge of allergy innovation. At the same time, unlike many scientists who focus solely on research, Dr. Liu could efficiently drive clinical development, coordinate resources, and control timelines, rapidly translating laboratory technology into clinical value.
Speaking about expectations for TianChen Biopharma post-IPO, Chen said: "As immune diseases like allergies receive increasing attention in the United States and China, and as TianChen Biopharma's first product moves closer to commercial launch — it is the first and only next-generation IgE antibody to file for marketing approval since Xolair's approval years ago — combined with the subsequent product pipeline, TianChen Biopharma has the potential to become China's leading company in allergic diseases."
Notably, with TianChen Biopharma's listing on the Hong Kong Stock Exchange today, Qiming Venture Partners has logged its seventh IPO since the beginning of 2026 and its third in the healthcare innovation space. In addition, Candid Therapeutics, which Qiming Venture Partners co-incubated, was acquired by global biopharmaceutical company UCB for $2.2 billion in May.
Regarding this impressive track record, Chen believes these projects once again demonstrate the resilience and independent judgment of Qiming Venture Partners' healthcare innovation investment team across cycles.
"Alamar and NorthSea HeartCare were invested before the capital winter in healthcare investing. Candid and TianChen Biopharma were invested during that winter. Regardless of macro conditions, we have always remained focused on solving unmet clinical needs and always pursued cutting-edge healthcare innovation with global competitiveness. In the end, this will yield deterministic returns," Chen said. "Currently, Qiming Venture Partners is focused both on source innovation investments and on reasonably valued Pre-IPO opportunities. We will also continue building NewCos based on Chinese assets alongside our peers in Europe and the United States. Beyond hot areas like oncology and immunology, we are paying attention to fields with prominent unmet needs such as neurological diseases and aging-related diseases."
Source | IPO Zaozhidao
Author | Stone Jin
Past Coverage
Qiming Honors | Five Qiming Venture Partners Investors Named to 2025 Forbes China Midas List
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total committed capital reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early- and growth-stage companies in Technology and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative enterprises, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ: HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ: WRD, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Abogen, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, among others.