Minghui Pharmaceutical Ltd. announced it is raising $131 million in a pre-IPO financing round Aug. 7. The funds will be used to advance its cancer and inflammatory disease pipeline, which include a PD-1/VEGF bispecific antibody, antibody-drug conjugates (ADCs) and a topical Janus kinase inhibitor.

Innogen Pharmaceutical Group announced an $86 million IPO on the Hong Kong Stock Exchange that will see the company advance its lead product, Diabegone (efsubaglutide alfa), an ultra-long-acting glucagon-like peptide-1 receptor agonist into new global markets for type 2 diabetes as well as other metabolic diseases.

Biopharma companies raised $34.89 billion through financings in the first seven months of 2025, including $5.66 billion in July, down from $7.38 billion in June. This year’s total falls short of $74.03 billion in the first seven months of 2024 and more than $80 billion in 2020 and 2021.

Mabylon AG has raised a total of CHF30 million (US$37 million) to advance its pipeline and support its work using human-derived, multi-specific antibodies for the treatment of allergies. The funding combines equity investment and a convertible loan.

Equillium Inc. has entered into a definitive securities purchase agreement with health care investors that will provide up to $50 million in gross proceeds to Equillium. The private placement will enable the company to advance its selective aryl hydrocarbon receptor (AhR) modulator EQ-504 into the clinic.