Weekly Digest - August 2025

Weekly Digest - August 2025

07 August 2025: Minghui raises $131M ‘pre-IPO’ round to bankroll JAK inhibitor launch, ADC trials

  • Minghui Pharmaceutical raised $131M in a “pre-IPO” round to advance oncology programs, including multiple ADC assets
  • The TROP-2–targeted ADC MHB036C is in Phase 2 trials for advanced non-small cell lung cancer, being tested in combination with a PD-1/VEGF bispecific antibody
  • The B7-H3–targeted ADC MHB088C is in trials for solid tumors, including small cell lung cancer and metastatic castration-resistant prostate cancer. Qilu Pharmaceutical acquired greater China rights for $38M
  • Funding will accelerate ongoing clinical trials for these ADC programs alongside other immuno-oncology assets

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