“出身”礼来、恒瑞医药！这位复旦学霸的公司要上市了！

Core Viewpoint - Mingyu Pharmaceutical is preparing for an IPO on the Hong Kong Stock Exchange, with a current valuation of approximately 3.936 billion yuan and a cumulative loss of 587 million yuan over two and a half years [1][2]. Company Overview - Founded in 2018, Mingyu Pharmaceutical is a biotechnology innovation company nearing commercialization, focusing on antibody-drug conjugates (ADC) and a novel PD-1/VEGF bispecific antibody [5]. - The company has a pipeline of 13 candidate products, with 10 in clinical stages, and aims to generate revenue from its autoimmune projects soon [5]. Product Pipeline - The core product MHB036C targets the TROP-2 ADC market, projected to grow from $1.5 billion in 2024 to $42.5 billion by 2035, with a CAGR of 35.4% [5]. - MHB088C is in Phase III trials for small cell lung cancer and has a partnership with Qilu Pharmaceutical worth 1.345 billion yuan [6]. - MHB018A is a first-in-class IGF-1R antibody in Phase III trials, showing strong potential [6]. - MH004 is a first-in-class JAK inhibitor for atopic dermatitis, with a new drug application submitted for 2025 [6]. Financial Performance - Revenue projections for 2023, 2024, and the first half of 2025 are 0 yuan, 0 yuan, and 264 million yuan, respectively, primarily from a licensing agreement with Qilu [7]. - R&D expenses for the same periods are 182 million yuan, 281 million yuan, and 98 million yuan, with net losses of 137 million yuan, 283 million yuan, and 167 million yuan [7]. Funding and Ownership - Mingyu Pharmaceutical has completed five rounds of financing, with the latest post-money valuation at approximately 3.936 billion yuan [10]. - The founder, Cao Guoqing, has extensive experience in drug research and development, having previously worked at Eli Lilly and Hengrui Medicine [10]. Intellectual Property - The company holds 23 issued patents and 107 patent applications, with a significant number related to its core products [7].