Junhem Biopharma Secures RMB 100 Million Series B1 Financing Led by Tonghua Dongbao, WinX Capital Acts as Exclusive Financial Advisor

Recently, JHM Biopharmaceutical (Hangzhou) Co., Ltd. (hereinafter referred to as “JHM Biopharma”) completed a RMB 100 million Series B1 financing round. This round was invested by Tonghua Dongbao Pharmaceutical Co., Ltd. (SH: 600867), with WinX Capital serving as the exclusive financial advisor for the consecutive time.

JHM Biopharma is a company dedicated to the development of innovative recombinant protein therapeutics and synthetic biology products. Leveraging years of experience in the R&D and industrialization of recombinant protein drugs, the company has accumulated core technologies, platforms, and talent covering the entire product development lifecycle, thereby establishing a comprehensive system for technology and product development.

JHM Biopharma possesses multiple domestically and internationally pioneering platforms for recombinant protein expression and purification. The company has achieved large-scale production of high-end recombinant protein products, including bulk solutions and formulations of recombinant human collagen types I and III, as well as recombinant botulinum toxin type A. Its R&D and industrialization capabilities are at the forefront in China. Furthermore, the company’s executive team has collaborated for over a decade. From product initiation, R&D, and manufacturing to clinical trials and commercial launch, the team has jointly developed multiple protein-based therapeutics. The team’s high stability, strong collaborative synergy, and cohesive strength safeguard the company’s long-term development.

JHM Biopharma has established a comprehensive product pipeline spanning both consumer healthcare and serious medical care. This round of financing will deepen the company’s multi-dimensional collaboration with Tonghua Dongbao Pharmaceutical Co., Ltd. By leveraging Tonghua Dongbao’s advantages and resources in clinical development and commercialization, JHM Biopharma will actively advance the R&D progress of its core pipeline, continuously enrich and iterate its innovative recombinant protein product portfolio in response to market demands, and strive to benefit patients and users at the earliest possible date.

Currently, China’s recombinant collagen sector is in its early stages of development, with both penetration rates and market size rising rapidly. However, significant barriers remain in areas such as molecular design, manufacturing preparation, and terminal application development. JHM Biopharma’s investigational products, JHM08 (recombinant human type I collagen) and JHM09 (recombinant human type III collagen), are full-length recombinant human collagens that feature a triple-helix structure and share identical amino acid sequences with native human type I/III collagen. The manufacturing process mimics the in vivo biosynthesis of human type I/III collagen, utilizing cellular factories to produce these proteins. Structural characterization data demonstrate that JHM Biopharma’s recombinant human type I/III collagen exhibits a high degree of consistency with the higher-order structures of natural human type I/III collagen. The company has completed process development and scale-up, and its commercial-scale production facility has been built and put into operation. Its development progress and industrialization capabilities are at the forefront of the industry.

Currently, China's botulinum toxin industry is characterized by high entry barriers, limited supply of approved products, low market penetration, and strong growth potential. The complex higher-order structure of type A botulinum toxin poses significant R&D challenges, including considerable difficulties in recombinant expression and stringent purification requirements. JHM03 (recombinant type A botulinum toxin), an investigational product under development by JHM Biopharma, represents a new generation of botulinum toxin products. Compared with currently marketed botulinum toxins derived from Clostridium botulinum both domestically and internationally, JHM03 offers competitive advantages such as smaller preparation scale, larger batch yield, simplified manufacturing process, ultra-high purity, and absence of immunogenic impurities. Currently undergoing Phase I/II clinical trials, it is the second recombinant type A botulinum toxin globally to enter the clinical stage.

JHM Biopharma’s pipeline products, JHM01 (recombinant human growth hormone injection) and JHM02 (recombinant long-acting growth hormone injection), target the recombinant human growth hormone market, an incremental market with a scale of tens of billions. Through a dual strategy encompassing both conventional liquid formulations and long-acting liquid formulations, JHM Biopharma achieves comprehensive coverage of low-to-mid-end and mid-to-high-end consumer segments. Currently, JHM02 is undergoing preclinical pharmacology and toxicology studies. Preclinical animal trials indicate its potential for biweekly dosing, demonstrating superior efficacy compared to marketed products and significant safety advantages over similar products. As a Class 1 new drug in China, JHM02 features internationally pioneering protein structure and preparation technologies. JHM01 exhibits in vivo and in vitro efficacy, as well as pharmacokinetic and toxicological profiles, consistent with Novo Nordisk’s Norditropin®. It also boasts a commercially scalable manufacturing process with significantly lower production costs than existing marketed products and has currently entered Phase III clinical trials.

Mr. Li Jiahong, Chairman of Tonghua Dongbao“It is highly significant, marking a milestone that will build momentum for the company’s future development. JHM Biopharma boasts an outstanding R&D team and leading core platform technologies in China. Its pipeline products, including recombinant growth hormone, recombinant human collagen, and recombinant botulinum toxin, hold substantial market potential and will create effective synergies with the company’s existing and in-development products. Leveraging its core competitive advantages accumulated over many years, such as channel strengths and brand influence, the company will engage in multi-dimensional cooperation with JHM Biopharma to achieve complementary resource advantages, further enhance the competitiveness of both parties, and support long-term, steady growth.”

Ms. Xu Kui, Chairwoman of JHM Biopharma“The management stated: ‘We sincerely appreciate Tonghua Dongbao’s trust and support in JHM Biopharma. Focusing on high-end recombinant protein products, JHM Biopharma has been continuously dedicated to their research and development as well as industrialization, adhering to the philosophy of underlying platform technology innovation and iterative product upgrades, while gradually expanding into broad industry scenarios such as consumer healthcare and serious medical care. Through this round of financing, JHM Biopharma will comprehensively deepen its cooperation with Tonghua Dongbao, leverage Tonghua Dongbao’s successful experience and substantial accumulation in the biopharmaceutical industry, further synergize the complementary resources of both parties, and achieve rapid growth and long-term development for the company.’”

Dr. Guowen Zou, Founding Partner of WinX CapitalWinX Capital stated: “We are honored to serve as JHM Biopharma’s long-term capital partner and to continue leading its subsequent financing rounds. We sincerely appreciate the trust placed in WinX Capital by both the Company and Tonghua Dongbao Pharmaceutical Co., Ltd. Recently, strategic investments from industrial capital, represented by listed companies, have shown an upward trend, with sentiment in the primary investment and financing market and confidence among Biotech founders gradually recovering. We believe that Tonghua Dongbao’s participation will comprehensively empower JHM Biopharma across R&D, clinical development, manufacturing, and channel promotion, facilitating the Company’s growth into an internationally renowned enterprise in recombinant protein therapeutics.”

Tonghua Dongbao Pharmaceutical Co., Ltd. (abbreviated as “Tonghua Dongbao”; stock code: 600867.SH) is a renowned domestic pharmaceutical enterprise integrating drug research and development, manufacturing, and sales. The company has deep expertise in the field of diabetes treatment and boasts the most comprehensive and robust pipeline of diabetes therapeutic products in the industry. Meanwhile, it is actively advancing first-in-class innovative drugs in other endocrine areas, including gout/hyperuricemia and weight management. The company’s current product portfolio primarily includes human insulin, insulin glargine, insulin aspart, liraglutide injection, Zhennaoning capsules, and diabetes-related medical devices. Its R&D pipeline comprises multiple candidates such as ultra-rapid-acting insulin, co-formulated insulin, GLP-1/GIP dual receptor agonists, small-molecule GLP-1 receptor agonists, URAT1 inhibitors, and dual XO/URAT1 inhibitors.

WinX Capital is a leading investment bank in China’s healthcare sector, with headquarters in Beijing and Shanghai, covering over 3,000 active institutional investors and industrial groups. It has received numerous accolades, including being ranked No. 1 among financial advisory firms in the healthcare sector for 2022 and 2023 by First New Voice; Top 2 Best Financial Advisory Firm in the healthcare sector for 2021–2022 by Qimingpian & New Voice Innovation Services; and Top 5 Healthcare Financial Advisor of the Year (2022–2023 Pengcheng Awards) by VCBeat.