Nankai University Alumni Drive Medical Innovation Boom: 6 IPOs in 3 Years, Over RMB 50 Billion Combined Market Cap

On October 17, 2023, Nankai University celebrated its 104th anniversary. Having traversed a century of challenges and triumphs, Nankai University has produced numerous benevolent and dedicated individuals who have achieved remarkable success in various fields.

In the venture capital circle, a group of well-known figures have emerged in recent years, including Zhang Yiming (Founder of ByteDance), Yu Yongfu (CEO of Alibaba Local Life Group), Zhou Ruxin (Chairman of BDStar Navigation), Zheng Weihe (Chairman and Founding Partner of Shenzhen CO-WIN Venture CAPITAL Investment Limited), Liu Daozhi (Founder and Chairman of Shanghai Sunland Investment Management Co., Ltd.), Liang Wentao (Founder of Honghu Investment Management Company Limited), and Sheng Xitai (Founding Partner of Beijing HongTai TongChuang Investment Management Co., Ltd.).

Focusing on the field of medical innovation, Nankai alumni have had a series of recent successes.. September 5,Yi Ming AngkeFounder and Chairman Tian Wenzhi led the company to a successful IPO; on June 29,Laikai PharmaceuticalsChairman and CEO Xiangyang Lü rang the bell at the Hong Kong Stock Exchange. Another alumnus of Nankai University,HighTide TherapeuticsThe company led by founder and CEO Liping Liu also submitted its prospectus on May 30.

According to incomplete statistics from VCBeat, in just these three years, Nankai University has garnered six listed companies in the medical innovation field with a total market value exceeding 50 billion yuan: in addition to the aforementioned Laikang Medicine and ImmuneOnco, it also includesCanSino、Hao Yuan Pharmaceutical、Angel DentalAndReturn to Create Bridge。

In addition, in the primary market, medical innovation companies founded by alumni of Nankai University (hereinafter referred to as "Nankai Alumni Enterprises") have frequently secured financing. According to data from the VCBeat database,Since 2018, more than 20 alumni enterprises of Nankai University have received financing, with a total financing amount exceeding 4 billion yuan.Among them, Excell, Yaotan Pharmaceuticals, Weishen Pharmaceuticals, and Shanghai Yinuo Pharmaceutical Co., Ltd. have secured hundreds of millions in financing.

"Nankai University has considerable advantages in the fields of chemistry, biology, and medicine, and has also cultivated a group of talents in the industry. Many of my alumni work as chief scientists in multinational pharmaceutical companies," Liu Yimin, Secretary General of the Nankai Alumni Association for Healthcare and a partner at Shenzhen CO-WIN Venture CAPITAL Investment Limited, told VCBeat. He added that decades of talent accumulation have enabled Nankai alumni to stand out in the current wave of medical innovation.

It can be seen that Nankai University, with a century-long history, is rapidly nurturing a powerhouse team in medical innovation and entrepreneurship.

As a comprehensive university, Nankai University seems to have little voice in the field of medical innovation, and it can even be said to be very quiet.

But as mentioned earlier, in recent years, the medical enterprises founded by Nankai alumni have been developing rapidly and attracting widespread attention in the industry. According to data from the VCBeat database, since the beginning of this year, 10 biopharmaceutical companies have gone public on the Hong Kong stock exchange, two of which were founded by Nankai alumni, accounting for 1/5.

(VCBeat Chart Based on Public Internet Information)

“The characteristics of Nankai alumni are pragmatism, stability, and modesty."They prefer to spend their time on doing things, especially those that are meaningful and valuable." Liu Yimin, Secretary General of Nankai Medical and Health Alumni Association and Investment Partner of Shenzhen CO-WIN Venture CAPITAL Investment Limited, said, "I have been in contact with many entrepreneurial projects by Nankai alumni."The fields they have laid out are all very cutting-edge.。”

For example, this year's push for an IPOJunShengTai PharmaceuticalThe founder and CEO is Dr. Liu Liping, an alumnus of the Chemistry Department of Nankai University, class of 1986. According to Liu Yimin, Secretary General of the Nankai Healthcare Alumni Association and Investment Partner of Shenzhen CO-WIN Venture CAPITAL Investment Limited, Dr. Liu Liping has strong entrepreneurial enthusiasm. She has always maintained a passion for cutting-edge technology and is also very steady. "During these years when innovative drugs are booming, many companies have been 'burning money crazily' and struggled to survive when encountering a downturn. Under the leadership of Dr. Liu Liping, HighTide Therapeutics has remained very rational, with substantial cash reserves on hand while continuously advancing its business."

Not only that, but JunShengTai Pharmaceutical also focuses on innovation at its source. Since its establishment, it has been dedicated to addressing unmet clinical needs in chronic diseases such as metabolic and digestive system disorders, developing original multifunctional drugs based on natural small molecules.

Currently, JunShengTai Pharmaceutical has independently developed a pipeline of 5 candidate products, covering 9 indications, with 5 indication projects already in the clinical development stage. Oral drug HTD1801 and TLR4 inhibitor HTD4010 are showing rapid progress. Additionally, JunShengTai Pharmaceutical is advancing research on the potential of candidate drugs HTD1804, HTD1805, and HTD2802 for treating obesity, metabolic diseases, and inflammatory bowel disease.

It is reported that JunShengTai Pharmaceutical's projects have received two "Fast Track Designations" and one "Orphan Drug Designation" from the U.S. FDA, as well as two "Major New Drug Creation Special Projects" during China's 13th Five-Year Plan.

It can be seen that focusing on original innovation and paying attention to unmet clinical needs are the core efforts of HighTide Therapeutics. This trait is also reflected in the six listed companies founded by alumni of Nankai University.

Looking at the six listed Nankai alumni enterprises,Yiming AngkeFocusing on the Development and Research of Anti-tumor Immunotherapy Products,Laikai PharmaceuticalsAccelerate the R&D of globally original new-generation small molecule and antibody-targeted drugs,Guide Creation TongqiaoFocus on the fields of neurology and peripheral vascular intervention.Angel DentalContinuously diving deep into the field of invisible orthodontics,Hao Yuan PharmaceuticalFocus on small molecule and new molecular type drug CRO & CDMO services,CanSinoDeep Cultivation in the Antigen Field.

Which was just listed in September this yearYimeng AngkeFor example, its research and development directions mainly include novel recombinant proteins, bispecific antibodies, and TANK™ cell therapy, etc. It has now developed a rich pipeline of 14 candidate drugs based on innate immunity, eight of which are currently in clinical trials.

It is worth mentioning that the core product of ImmunoMab, IMM01, is an innovative molecule targeting CD47, and also China's first SIRPα-Fc fusion protein to enter the clinical stage. In addition, IMM0306 and IMM2902, both under its portfolio, are globally first-in-class bispecific molecules targeting their respective targets that have entered clinical trials.

For example, in June this year, it was listed.Laikai PharmaceuticalsThe company has initiated six clinical trials for Afuresertib (LAE002), LAE001, and LAE005, including one pivotal trial, covering ovarian cancer, breast cancer, prostate cancer, etc., to address unmet medical needs in the field of oncology. Among the six clinical trials, three are international multi-center clinical trials (MRCT).

In the field of independent research and development, Laekang Pharmaceutical has discovered twelve candidate drugs internally. LAE102 is Laekang's first independently developed antibody, which received FDA approval for a new drug clinical trial application in May 2023.

In addition to the academic and research atmosphere of Nankai University that makes its alumni focus on original innovation,A sense of family and country has always been the underlying trait among Nankai alumni.For example, Yu Xuefeng, the founder of CanSino, was among the first group of people to study abroad after China's reform and opening up. After graduation, he worked in Toronto, Canada, at a world-renowned vaccine company, where he served as the Global Development Director with a generous income. Later, he discovered that China's vaccine industry at the time was far behind the world's top level. Consequently, he decided to return to China to start his own business, aiming to build an internationally top-tier vaccine company independently developed by Chinese people.

Liu Yimin, Secretary General of Nankai Medical and Health Alumni Association and Investment Partner of Shenzhen CO-WIN Venture CAPITAL Investment Limited, also mentioned: "Before returning to China to start her business in 2011, Dr. Liu Liping held scientific leadership positions at biotech companies such as Stealth Bio and MannKind. Motivated by her love for the motherland and a strong entrepreneurial spirit, she chose to return to China and founded HighTide Therapeutics."

It is precisely because of their low-key, pragmatic, and steady qualities, as well as their spirit of exploring source innovation and their sense of patriotism, that Nankai alumni often work silently.Although they have not made much noise, they have quietly achieved good results in cutting-edge fields such as medical innovation.

In recent years, apart from the good news in the secondary market, Nankai alumni have also frequently reported successes in the primary market.

According to data from the VCBeat database, more than 20 medical innovation companies founded by Nankai alumni have completed financing in the primary market. This indicates that the medical innovation projects of Nankai alumni have gained widespread recognition in the capital market.

(VCBeat Chart Based on Public Information from the Internet)

In terms of field distribution, more than half of the medical innovation projects by Nankai alumni focus on the biopharmaceutical sector.

Multiple alumni of Nankai University told VCBeat that this phenomenon is inseparable from the strong disciplines of Nankai University.In the ESI (Essential Science Indicators) subject ranking, Nankai's chemistry discipline is ranked among the top 1‰ globally.，Four Biological Disciplines Rank in the Global Top 1%, many alumni who start businesses in the biopharmaceutical field mostly come from these disciplines.

Completed nearly 100 million yuan in B-round financing in SeptemberSuzhou Aijie Boya Bioelectronics Technology Co., Ltd.As an example, its founder and CEO, Wang Qunjie, graduated from the Chemistry Department of Nankai University, under the tutelage of renowned domestic organosilicon expert Professor Zhou Xiuzhong. After completing his undergraduate and master's degrees at Nankai University, Wang Qunjie pursued a Ph.D. in Chemistry at the University of Montpellier in France, studying under Professor Corriu, a member of the French Academy of Sciences.

As mentioned earlier, students from Nankai University have a strong sense of patriotism. After completing his studies abroad, Wang Qunjie worked at Agilent for a period before choosing to return to China to develop his career. This marked the beginning of his more than 20-year entrepreneurial journey. In 2020, Wang Qunjie embarked on a new venture by founding Suzhou Aijie Boya Bioelectronics Technology Co., Ltd. The company is dedicated to addressing critical "bottleneck" issues such as drug separation and purification, as well as automation in clinical mass spectrometry sample preparation. It also provides comprehensive solutions within the industry, including extraction, separation and purification materials, automated equipment, and the development of separation and purification processes along with related services.

Also from the Chemistry Department of Nankai University is Feng Yan, class of 1996, who conducted postdoctoral research at the University of Michigan after graduation and subsequently returned to China to gain experience in multiple pharmaceutical companies. In 2019, Feng Yan foundedLead Bio, this company focuses on the R&D of First-in-class/Best-in-class small molecule innovative drugs and possesses a Targeted Protein Degradation (TPD) drug development platform.

Currently, Leader Bio has reached the Pre-A round of financing and is favored by investment institutions such as OrbiMed and Zhangjiang Lead Ventures. In May this year, Leader Bio announced that its self-developed IRAK4 novel protein degrader received official approval from the U.S. FDA to enter Phase I clinical trials.

As with the chemistry department, the biology department also boasts a wealth of talent among its alumni in the field of healthcare innovation.For example, Chen Xu from the class of 1990, who foundedExcellIn May this year, the company secured nearly 100 million yuan in a B++ round of strategic financing. The company mainly focuses on the independent development of key core technologies and has invested hundreds of millions of yuan in developing product series such as serum-free culture media, fetal bovine serum, and identification reagents.

When talking about the original intention of founding Excell, Chen Xu previously told VCBeat, "In the situation where a large number of biopharmaceutical raw materials are still dominated by imports, it is even more important to accelerate the pace of domestic substitution. The mission of Excell is to solve the bottleneck issues in biopharmaceuticals and achieve the localization of key raw materials."

DualityBioFounder and CEO Zhongyuan Zhu also graduated from the Department of Biology at Nankai University, and later studied at the University of Massachusetts Medical School, earning a Ph.D. In 2020, Zhu Zhongyuan founded Duality Biologics, primarily focusing on the fields of oncology and autoimmune diseases.

Over the three years of its development, Duality Biologics has received multiple rounds of financing, with the latest being Series B. The investors include well-known institutions such as Lilly Asia Ventures,楹联健康基金, Huagai Capital, New Alliance Capital, Pine Investment, Oriza Holdings, and Wuxi Biologics. This year, German pharmaceutical company BioNTech collaborated with Duality Biologics to introduce two ADC (Antibody-Drug Conjugates) products from the latter.

Apart from striving in the pharmaceutical field after graduation, similar to many prestigious universities,Behind Nankai University, there is also a vast alumni network.In this circle, there are not only entrepreneurs and executives from multinational pharmaceutical companies, but also heads of university laboratories, senior executives of listed companies, investors, and more. They help each other, providing resources and connections based on their own expertise within this circle. The most typical example is the Nankai Healthcare Alumni Association, which was established in 2019.

Since its establishment, the Nankai Medical and Health Alumni Association has aimed to create a platform for comprehensive exchange, interaction, and mutual support among alumni in the medical and health fields. To this end, the alumni association has organized various activities. For instance, in 2020, the Nankai Medical and Health Alumni Association organized the Nankai Medical and Health Industry High-Level Forum, which gathered 260 Nankai alumni. "We met some investment projects at the alumni association's events," said Liu Yimin, Secretary General of the Nankai Medical and Health Alumni Association and Investment Partner of Shenzhen CO-WIN Venture CAPITAL Investment Limited.

"Whether on campus or in society, the alumni culture of mutual support and backing among Nankai people is particularly strong, which can be described as a response from a hundred to one call." Liu Daozhi, a Nankai alumnus and founder of Sunland Capital, stated in an interview with the editorial team of the Shanghai Nankai Alumni Association’s publication, “For example, I serve as the founding president of the Nankai Healthcare Alumni Association. Nankai has an especially large number of outstanding entrepreneurs in the healthcare sector. When we organize healthcare alumni events, many alumni, no matter how busy or tired they are, overcome all difficulties to attend. Especially during the pandemic period, they still offered great support, which made me deeply feel the cohesion and enthusiasm of Nankai people.”

It is not difficult to find that,On one hand, they strive forward in their respective niche fields; on the other hand, they help each other based on their own strengths. Nankai alumni are gradually forming a united force in the field of medical innovation.From this perspective, in the future, Nankai alumni are bound to bring more possibilities in medical innovation.

From its origins as the Yanshi Family School in 1904, to its establishment in 1919, and up to its 104th anniversary in 2023, Nankai University has nurtured generations of talents across various fields.

Looking at the present, as a comprehensive research university under the national "211 Project" and "985 Project," Nankai University is also telling new era stories. For example, in the industrial sector, the emphasis on the transformation of scientific research results is becoming an important topic of concern from the state to enterprises.

In this direction, Nankai University is also making efforts: On the 104th anniversary of the founding of Nankai University, the Xinkai Lake Fund was officially launched – it is an equity investment fund established by Nankai alumni entrepreneurs.The Xinkaihu Fund, leveraging the resources and capital of Nankai alumni, supports the construction of the Tiangong Higher Education Science and Innovation Park. It aims to tap into the talent advantages of Nankai University and the resource advantages of Nankai alumni, promote the transformation and application of scientific and technological innovations, integrate into Tianjin's economic development, and achieve the integration of industry, academia, and research.

It is reported that the Xinkai Lake Fund will be open to Nankai alumni entrepreneurs with qualified investor qualifications and social capital, driving more capital power into Tianjin and injecting it into the Tiankai Higher Education Science and Innovation Park.

It is worth mentioning here that the Tiankai Higher Education Science and Innovation Park, which relies on the resources of numerous universities such as Nankai University and Tianjin University, is a key support and main platform for independent and original innovation driven by the city of Tianjin. It officially opened on May 18 this year. In an ideal vision, the Tiankai Higher Education Science and Innovation Park is expected to become another typical example of a university innovation ecosystem in the new era, following Silicon Valley and Zhongguancun.

In other words, facing the strong demand for the transformation of scientific research achievements in the new era,In addition to actively participating, Nankai University also proactively leverages its alumni resources and collaborates with other universities to promote the establishment and development of an industry-university-research ecosystem.

Especially on the "May Fourth" Youth Day, Professor Duan Feng and his team from the College of Artificial Intelligence at Nankai University, who are about to move into the Tiankai Higher Education Science and Innovation Park, successfully led the world's first non-human primate intravascular brain-computer interface experiment in Beijing. The experiment achieved brain-controlled robotic arm through an intravascular brain-computer interface in a monkey's brain.

For the industry, this experiment is of great significance. Firstly, it marks that China's brain-computer interface technology has reached the international leading level. Secondly, it fully demonstrates the scientific research strength of Nankai University and the unlimited possibilities in the future transformation of scientific research achievements.

"This trial has promoted the transition of invasive brain-computer interfaces from laboratory prospective research to clinical application, which is helpful for promoting the industrial upgrading of medical enterprises and creating a high-end medical device national brand through the combination of medicine and engineering!" Professor Duan Feng said in an interview with the media.

Of course,Internationally, to evaluate whether a university is good or not, apart from its renowned faculty lineup, strong alumni network, and contributions to society, the level of recognition alumni have for their alma mater years after graduation is also an important factor.

In recent years, it's common to see news about Nankai alumni giving back to their alma mater in the media. For instance, in 2019, Zhang Yiming, the founder of ByteDance, donated 100 million RMB to Nankai University to establish the "Nankai University Innovation Fund," supporting innovation and entrepreneurship projects by Nankai’s faculty, students, and graduates. As a co-founder of the innovation fund, Zhang Wenzhong, a lifetime director of Nankai University, chairman of the Nankai Alumni Entrepreneurs Association, and founder of the Wumart Group, will also contribute 10 million RMB to the fund.

Not only that, but during the 100th anniversary of the founding of Nankai University's Chemistry Department (2021), alumni such as Kan Ying, Chairman of Shanghai Innovation Pharmaceutical; Zheng Baofu, Chairman of Haoyuan Biotech; and Zhao Guofeng, Chairman of Jiuri New Materials, jointly supported the establishment of the Nankai University Chemistry Development Fund with a contribution of 160 million yuan. The fund is dedicated to supporting the Chemistry Department in talent recruitment and cultivation, scientific and technological innovation and development, cooperation and transformation of research achievements, and accelerating the construction process of a world-class chemistry discipline.

There is no doubt that,The alumni of Nankai University have formed a close linkage in the aspects of industry, academia, research, and investment, promoting a collaborative cooperation model bonded by the alumni network and oriented towards technological innovation.

"Fairness, Competence, and Continuous Innovation"—this simple motto is deeply engraved in every alumnus of Nankai University. At present, China is entering a golden age of original innovation, and the alumni of Nankai will undoubtedly continue to keep pace with the times, promoting the advancement of China's medical innovation to new heights through constant innovation and development.

On the beautiful shores of the Bohai Sea, the story of innovation and entrepreneurship by Nankai alumni continues.