Minghui Pharmaceutical

About Minghui Pharmaceutical

Minghui Pharmaceutical is a late-stage clinical biopharmaceutical company focused on creating treatments for oncology and autoimmune diseases. Founded in 2018 by Dr. Guoqing Cao and Dr. P K Jadhav, the company has established operations in Shanghai, Hangzhou, and the US. The founders bring extensive experience from leading pharmaceutical companies. Dr. Cao, the CEO, has a background in biochemistry from Fudan University and The Ohio State University and previously worked at Eli Lilly & Company and Jiangsu Hengrui Medicine. Co-founder Dr. Jadhav has over 40 years of experience in medicinal chemistry and drug discovery, with prior roles at DuPont Merck and Eli Lilly & Company.

The company's business model revolves around the discovery, development, and commercialization of innovative drugs. Its revenue is generated through strategic partnerships and licensing agreements. A notable collaboration is with Qilu Pharmaceutical for the development, manufacturing, and commercialization of its B7-H3 antibody-drug conjugate (ADC), MHB088C, in Greater China. Minghui has also secured significant funding, including a $131 million Pre-IPO round in August 2025, co-led by OrbiMed and Qiming Venture Partners, to advance its clinical pipeline and prepare for commercialization. This financing will support the planned commercial launch of its topical JAK inhibitor in China and further development of its PD-1/VEGF bispecific antibody and ADC combination strategies.

Minghui's product pipeline includes several advanced candidates. Its lead product, MH004, is a topical pan-JAK inhibitor cream for treating mild-to-moderate atopic dermatitis, which is currently under NDA review in China. The pipeline also features a subcutaneous IGF-1R antibody in Phase 3 trials for thyroid eye disease, a novel PD-1/VEGF bispecific antibody (MHB039A) in Phase 2 trials, and two key ADCs: a TROP-2 ADC (MHB036C) and a B7-H3 ADC (MHB088C). These therapies target diseases with significant unmet medical needs, such as non-small cell lung cancer, small cell lung cancer, and metastatic castration-resistant prostate cancer.