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Financing will help advance the late-stage pipeline and global expansion.
August 7, 2025
By: Rachel Klemovitch
Assistant Editor
Minghui Pharmaceutical (Minghui), a late-stage clinical biopharmaceutical company, announced the closing of a $131 million Pre-IPO financing round led by new investor OrbiMed and co-led by Qiming Venture Partners.
Further support came from existing investor TF Capital, as well as seven new investors, including BioTrack Capital, 5Y 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.
Proceeds will be used to advance the company’s clinical programs, with a focus on its PD-1/VEGF bispecific antibody and combination strategies with antibody-drug conjugates (ADCs). The funds will also support the planned commercial launch of its topical JAK inhibitor in China.
“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.
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