Tongyuan Kang Pharma Completes Nearly RMB 200 Million Series D Financing Led by Huiyu Pharmaceuticals, WinX Capital Serves as Financial Advisor

In December 2023, Zhejiang TYK Medicines Co., Ltd. (“TYK Medicines”), a leading innovator in oncology drug development with a China-based, global footprint, announced the completion of its Series D financing round, raising nearly RMB 200 million. The round was led by Sichuan Huiyu Pharmaceutical Co., Ltd., with participation from funds under CICC Capital Operation Co., Ltd., Changxing Zhejiang Financial Holding Group Co., Ltd., and the Huzhou Talent Innovation Equity Investment Fund Partnership (Limited Partnership), among other prominent investors. WinX Capital served as the exclusive financial advisor for this round.

TYK medicines was established in November 2017. It built a 30,000-square-meter new drug R&D center in the Changxing Life Science Park in Huzhou, Zhejiang Province, and subsequently established its corporate administrative headquarters, clinical medicine department, and business development department in Shanghai. The company set up a small-molecule drug screening platform in Zhengzhou and has a new drug formulation plant under construction in Changxing, Huzhou. TYK medicines is one of the few innovative biopharmaceutical high-tech companies in China with both drug R&D and production capabilities.

TYK medicines boasts an R&D and management team with a global perspective. Its core executives have an average of over 20 years of professional experience, including four national-level experts, four provincial-level experts, and dozens of overseas-returning experts and PhD holders. After six years of robust development, the company has grown to more than 140 employees, featuring a premier team that covers the entire value chain, including drug discovery, druggability assessment, CMC, clinical development, regulatory affairs, business development, and operations.

The company focuses on developing best-in-class and first-in-class small-molecule anti-tumor drugs. Among its pipeline, TY-9591 has entered Phase II/III clinical trials; TY-302 has entered Phase II clinical trials; and TY-2136b has initiated Phase I clinical trials in the United States, receiving Orphan Drug Designation (ODD) from the FDA on September 20, 2023, which supports accelerated clinical development and regulatory approval. Furthermore, the company’s candidates targeting RET, CDK7, CDK2/4/6, and Exon 20 have completed Investigational New Drug (IND) applications in both China and the U.S., rapidly advancing to Phase I clinical trials. A series of small-molecule drugs targeting innovative indications are currently undergoing IND applications in China and the U.S. Additionally, with its expanding scale, the company has recently extended its business lines into the central nervous system (CNS) therapeutic area, actively exploring leading domestic and international targets, and is expected to obtain its first IND approval in this field in the near future.

Dr. Wu Yusheng, Chairman of TYK medicinesStatement: Despite significant changes in the macroeconomic environment both domestically and internationally, TYK medicines has successfully completed this round of financing, driven by its superior product portfolio and highly efficient team. We extend our sincere gratitude to strategic investors, represented by Sichuan Huiyu Pharmaceutical Co., Ltd., and financial investors, represented by CICC Capital Operation Co., Ltd. and Changxing Zhejiang Financial Holding Group Co., Ltd., for their recognition of our products and team. TYK medicines regards shareholder trust as the cornerstone of the company and consistently fulfills its commitments to shareholders. Moving forward, TYK medicines will continue to reward the confidence of both new and existing shareholders through accelerated clinical development and top-tier operational efficiency.

Dr. Ding Zhao, Chairman of Huiyu Pharmaceutical, the lead investor in this roundStatement: We are honored to participate in this round of financing for TYK medicines. Leveraging its mature innovative small-molecule drug development platform, TYK medicines is deeply committed to addressing unmet clinical needs in solid tumors, including lung cancer and breast cancer.

TYK medicines boasts distinct strengths in target discovery, medicinal chemistry synthesis, preclinical R&D, and clinical development, while Sichuan Huiyu Pharmaceutical Co., Ltd. possesses extensive experience in API development, CMC, and product commercialization. We look forward to potential collaboration between the two companies to achieve end-to-end coverage—from academic concepts and compound development to clinical advancement, and from drug manufacturing and regulatory registration to commercial sales—thereby maximizing capital efficiency.

Huiyu Pharmaceutical, established in 2010, is an R&D-driven integrated pharmaceutical company primarily engaged in the research and development, manufacturing, and domestic and international sales of anti-tumor and injectable drugs. The company’s headquarters and production base are located in the Neijiang National Economic and Technological Development Zone, while its R&D center is situated in the Chengdu Tianfu International Bio-town. Additionally, Huiyu Pharmaceutical has subsidiaries in the United States, the United Kingdom, Ireland, and other regions.

The company’s R&D team is anchored by seasoned PhD holders who have returned from overseas, with 673 R&D personnel accounting for 47.19% of the total workforce. The team possesses extensive R&D experience in high-quality generic drugs, complex injectables, and chemical active pharmaceutical ingredients (APIs), while actively advancing the development of small-molecule and biologic innovative drugs in the oncology field. The company has over 100 projects in its pipeline, including 13 Class 1 innovative drugs and 3 improved new drug projects. The pipeline is primarily focused on oncology and related therapeutic areas, with gradual expansion into other fields.

Sichuan Huiyu Pharmaceutical Co., Ltd. has successively obtained GMP certifications in China, the United States, the United Kingdom, and other countries, meeting the requirements for on-site inspections and certifications by global regulatory authorities such as the NMPA, FDA, and EMA. The company holds over 340 overseas drug approvals, with sales covering more than 50 countries and regions. Furthermore, it provides one-stop CDMO services to clients, encompassing R&D, manufacturing, regulatory filing and registration, and sales of intermediates, APIs, and finished dosage forms, supporting product entry into major global markets including China, the United States, Europe, and Japan.

WinX Capital is a leading investment bank in China’s healthcare sector, with headquarters in Beijing and Shanghai, covering more than 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 by First New Voice; Top 2 Best Financial Advisory Firm in the healthcare sector for 2021–2022 by Qimingpian & Xinsheng Chuangfu; and Top 5 Healthcare Financial Advisor of the Year at the 2022–2023 Pengcheng Awards by VCBeat.