BoomRay Pharmaceuticals Secures Nearly RMB 300 Million Series A Financing to Advance Radiopharmaceutical Pipeline
Recently, BoomRay Pharmaceuticals (WuXi Borui), a company dedicated to the research and development of next-generation targeted radionuclide conjugate drugs, announced the completion of its Series A financing round, raising nearly RMB 300 million. The round was led by Sequoia China, with participation from Sunshine Ronghui, Tianfu Sanjiang Capital, Puhua Capital, Qingsong Capital, Life Science Park Venture Capital, and Shenzhen Jinsheng. iCapital served as the exclusive financial advisor to BoomRay Pharmaceuticals in this transaction.
Following this financing round, the Company will accelerate the clinical development and regulatory registration of multiple self-developed pipelines, expedite the construction of its R&D center and manufacturing facilities, and expand business development (BD) collaborations on a global scale.
WuXi Biologics was co-incubated in 2018 by WuXi AppTec and the SuNan Institute of Molecular Engineering at Peking University. Leveraging foundational research achievements from Peking University, the company is dedicated to building a next-generation platform for the research and development, manufacturing, and clinical application of targeted radiopharmaceuticals. All products currently in its pipeline are independently developed and backed by global intellectual property rights. The company’s R&D portfolio includes multiple first-in-class (FIC) and best-in-class (BIC) radionuclide conjugate drugs and neutron capture therapy agents, addressing various indications such as head and neck cancers, brain tumors, pancreatic cancer, rectal cancer, and prostate cancer, as well as diagnostic and therapeutic products for differentiating inflammation from cancer.
Dr. Hu Jiangbin, Chairman and CEO of WuXi BoruiIt stated: “Malignant tumors remain one of the leading diseases threatening human health. China ranks among the highest globally in both the annual number of new cancer cases and total cancer-related deaths, underscoring the long and arduous journey ahead in the fight against cancer. Due to the inherent characteristics of radiopharmaceuticals and the relatively high barriers to entry in this industry, there is a significant gap between China and Western countries in this field. WuXi Borui aims to accelerate the development of next-generation targeted radionuclide conjugate drugs with independent intellectual property rights, thereby providing new diagnostic and therapeutic tools for combating cancer.”
Professor Liu Zhibo, Deputy Director of the Department of Applied Chemistry, College of Chemistry and Molecular Engineering, Peking University, and Chief Scientific Officer of WuXi Biologics BoruiHe stated, “When I first encountered radiopharmaceuticals, I was drawn to their integrated theranostic capabilities and unique mechanisms of action. As a once-niche research field, we have been diligently conducting research while eagerly anticipating collaborations with the pharmaceutical industry to advance clinical translation. Thanks to the support from Peking University and the recognition from clinical experts, we have taken our first step. Looking ahead, I am confident that WuXi Borui will further accelerate breakthroughs and clinical applications of radiopharmaceuticals in new targets, new carriers, and novel platform technologies. Finally, I extend my sincere gratitude to Sequoia China and other investment firms for their support and affirmation of China’s original radiopharmaceutical innovations.”
Dr. Yu Feng, Vice President of R&D at the Companystated, “The development of China’s radiopharmaceutical industry is currently at a critical inflection point. Following the completion of this round of financing, my team and I will make every effort to advance the clinical translation of our products and accelerate their market launch.”
Ms. Yang Yunxia, Partner at Sequoia China“Sequoia China remains committed to investing in companies within the healthcare sector that exhibit distinct technological characteristics and high growth potential. As a radiopharmaceutical company with original innovation capabilities, WuXi Borui boasts a team with extensive research experience and demonstrates unique strengths in translating innovative technologies, as well as initiating and advancing its self-developed pipeline. We look forward to the early launch of its next-generation radioactive targeted radionuclide conjugate drugs, bringing benefits to patients worldwide.”
Mr. Shi Shenghao, Partner at Sunshine Ronghui Capital“Therapeutic radionuclide-drug conjugates have witnessed rapid development in recent years, gaining significant momentum and demonstrating substantial potential in both clinical and commercial arenas. As the industry matures, this field is poised for explosive growth, driven by the unique advantages of integrated theranostics. Leveraging its team’s extensive experience in radiopharmaceuticals, WuXi Borui has demonstrated notable strengths in target selection, drug design, and pipeline strategy. Ronghui Capital is pleased to participate in this financing round and looks forward to collaborating with the company to shape a promising future.”
WuXi Biopharma was co-incubated by WuXi AppTec and the SuNan Institute of Molecular Engineering at Peking University. The company specializes in the research, development, and clinical application of radionuclide-targeted drugs and neutron capture therapy agents, with a focus on precision tumor diagnosis and treatment, striving to become a world-class innovative enterprise in radiopharmaceuticals. It has established a translational platform for radiopharmaceutical development and leverages the scientific research and clinical facilities of its partner institutions to accelerate the translation and implementation of innovative achievements. Currently based in the Zhongguancun Life Science Park in Beijing, the company is constructing an R&D center and preparing pilot-scale and production facilities.
Sequoia China is committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical experience. As “entrepreneurs behind entrepreneurs,” Sequoia China focuses on investment opportunities in three sectors: technology, consumer goods, and healthcare. Over the past 17 years, Sequoia China has invested in more than 900 companies characterized by distinct technological advantages, innovative business models, and high growth potential.
Sunshine Ronghui Capital was established in January 2015 as one of the first private equity fund management companies in China’s insurance industry to be initiated and funded by insurance capital. Since its inception, Ronghui Capital has built its team according to market-oriented and professional standards, focusing on the healthcare and emerging industries sectors. It targets critical “bottleneck” sub-sectors and invests in specialized, refined, distinctive, and innovative (“SRDI”) enterprises with high levels of technological innovation. The company manages assets worth RMB 30 billion, with an investment portfolio comprising over 70 outstanding enterprises, including Mindray Medical, Sirnaomics, and Moore Threads, delivering strong investment returns for its investors.
Chengdu Tianfu Sanjiang Asset Management Co., Ltd. was established in June 2019 and currently manages an investment portfolio exceeding RMB 4 billion, with investments spanning innovative drugs, emerging consumer sectors, and technological manufacturing. The innovative drug sector primarily covers emerging fields such as gene therapy, nucleic acid therapeutics, bispecific antibodies, antibody-drug conjugates (ADCs), and radiopharmaceuticals.
PuHua Capital was established in 2004. Since its inception, it has adhered to the vision of “Upholding a Universal Benevolence, Pursuing Pragmatic Excellence,” continuously identifying value-driven and high-growth early-stage startups in the fields of frontier technology, healthcare, mass consumption, and new energy, while patiently nurturing and empowering their growth. Over nearly two decades of dedicated efforts, PuHua Capital has supported more than 400 startups, helping over 70 of them achieve IPOs or mergers and acquisitions, thereby emerging as leaders in their respective niche industries.
Qingsong Capital is a venture-focused private equity investment firm specializing in biotechnology and healthcare. Its management team possesses extensive experience in the medical industry and private equity investment. Committed to growing alongside the most innovative biomedical enterprises, Qingsong Capital drives technological and commercial innovation in China’s life sciences and healthcare sectors. Adhering to a research-driven investment approach, the firm actively engages in the development of its portfolio companies, with deep expertise in biotechnology, pharmaceuticals, medical devices, innovative healthcare services, and the intersection of the broader health industry with frontier technologies. Since its inception, the fund has completed investments in numerous star projects across various specialized segments.
The Beijing Life Science Park Venture Capital Fund, under the leadership of Zhongguancun Development Group’s Lingchuang Investment and Zhongguancun Capital, is based in Beijing’s scientific and technological innovation...
with its heart and Zhongguancun Life Science Park as the main incubation bases, radiating across China and focusing on professional investment and financing services for technological innovation
Jin. Zhongfa Zhanlingchuang Investment takes “discovering scientists and entrepreneurs who change the world and jointly creating real social value” as its vision,
Investment areas cover biopharmaceuticals, high-end medical devices, biosynthetic technology and other fields. Participated in investments including Yanming Biology,
Biotech projects such as Huayi Lejian, Vitaron, Huaxia Yingtai, Jiaojing Bio, and Weigong Technology.
Jinsheng Youkang Fund is a specialized venture capital fund under Shenzhen Jinsheng Investment, focusing on early-stage equity investments in the life and health sectors, including in vitro diagnostics (IVD), genetic engineering, and biopharmaceuticals. Antu Industrial Group, a shareholder of Shenzhen Jinsheng, is the controlling shareholder of Autobio Diagnostics Co., Ltd. As the first IVD R&D and manufacturing company listed on China’s Main Board, Autobio Diagnostics offers comprehensive solutions and integrated services for medical laboratories, with products spanning immunodiagnostics, microbiology, clinical chemistry, molecular diagnostics, and coagulation testing.
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