Minghui Pharmaceutical

Minghui Pharmaceutical (明慧医药) is a late-clinical-stage innovative biopharma focused on oncology and immune-related diseases, founded in 2018 by Dr. Cao Guoqing, who serves as CEO. Per a 5Y Capital piece, its pipeline spans a topical JAK inhibitor already filed for approval in China, a subcutaneous IGF-1R antibody in Phase III for thyroid eye disease, a Phase II PD-1/VEGF bispecific being evaluated with a TROP2 ADC, and a B7-H3 ADC in Phase III for second-line small cell lung cancer — both ADCs described as showing best-in-class potential. On August 7, 2025 the company announced a $131 million Pre-IPO round led by OrbiMed and co-led by Qiming Venture Partners, with existing backer TF Capital continuing and new investors including 5Y Capital, BioTrack Capital, New Day Fund, and Wider Link; OrbiMed and Qiming representatives joined the board. The proceeds fund the PD-1/VEGF-plus-ADC combination strategy and the China commercial launch of the topical JAK inhibitor, with Qiming partner Kan Chen framing the bet as one on "a compelling portfolio of novel drug candidates targeting critical unmet medical needs."