Recently, Jixing Pharmaceutical Technology (Shanghai)**hereinafter referred to as "Jixing") announced the completion of 1$6.2 billion Series D financing (about 115.9 billion RMB). The round was co-led by Leaps by Bayer, the impact investment arm of Bayer, and RTW.
According to public information, Jixing is headquartered in Shanghai, China, with a registered capital of 105 million US dollars, and is a license-in model biopharmaceutical company invested and founded by RTW in 2019. RTW is a leading venture capital firm focused on the healthcare industry, and has always been committed to supporting enterprises to develop innovations that change people's lives**.
In order to further explore more potential business development opportunities, Bayer and Miosing will establish a Joint Portfolio Strategy Committee. Under the terms of the agreement, Bayer will have the right of first refusal to negotiate the commercialization rights of Mixing's product lines in the cardiovascular and ophthalmology segments. In addition, Xiaolan Zhou, Executive Vice President and President of Bayer Pharmaceuticals China, and President of Bayer Greater China, will join the Board of Directors of Minosing to support the company's development in the cardiovascular and ophthalmology fields.
Mixing is pleased to establish a strategic partnership with Bayer. Bayer is a leading multinational pharmaceutical company with a strong presence in China. "This milestone collaboration will enhance the company's new drug development and manufacturing capabilities from preclinical to marketing, enabling us to rapidly expand our global reach." We look forward to continuing to drive and deliver innovations** and solutions for patients." ”
Deeply engaged in cardiovascular and ophthalmology
Make the world's first and only product
Mistar addresses unmet medical needs in the field of cardiovascular and ophthalmic diseases through the development and commercialization of unique and innovative** medicines.
In China, with the gradual aging of the population, the medical demand for cardiovascular and ophthalmic diseases is increasing. Data show that there are currently about 3500 million, about 200 million people with dry eye disease, and about 400 million people with presbyopia. Despite growing medical demand and commercialization opportunities, Chinese biotech companies continue to underinvest in cardiovascular and ophthalmology, which have a highly unmet need.
At present, Keixing has 7 clinical-stage products under development, targeting 9 indications, covering multiple disease areas such as hypertrophic cardiomyopathy, heart failure, paroxysmal supraventricular tachycardia, dry eye syndrome and presbyopia. The cardiovascular pipeline includes three late-stage product candidates (Aficamten, Etripamil, and Omecamtiv Mecarbil) and one preclinical product candidate, JX09. The ophthalmology pipeline consists of four late-stage product candidates (varenicline nasal spray (Tyrvaya in the U.S., OC-02 nasal spray, JX06 LNZ100, JX07 LNZ101) and one preclinical product candidate, JX08.
*: Keixing***
Some of Mixing's product lines have been recognized in the market: AFICAMTEN, a cardiovascular product candidate, has been named the "10 highest value R&D projects in biopharma" by Evaluate, a consulting and market research organization in the healthcare industry. According to the Evaluate report, Aficamten is currently in a Phase 3 clinical study for the treatment of hypertrophic cardiomyopathy, with expected global sales of $1.7 billion in 2028 and a current valuation of $4.4 billion.
Just 20 days ago, the first prescription for Varenicline Tartrate Nasal Spray (hereinafter referred to as "Varenicline Nasal Spray") was officially issued for patients with dry eye in the Greater Bay Area. Varenicline Nasal Spray is the first innovative product to be listed in Macao and introduced to designated medical institutions in the Greater Bay Area through the "Hong Kong and Macao Medicines and Medical Devices" policy and approved by the Guangdong Provincial Drug Administration, providing a new ** choice for dry eye patients in the Greater Bay Area.
According to the official WeChat of Keixing, as the world's first and only approved nasal spray for symptoms and signs of dry eye, varenicline nasal spray has a unique mechanism, nasal administration, which can activate nicotinic cholinergic receptors in the trigeminal parasympathetic pathway, thereby promoting natural tear secretion.
A luxurious team lineup to help companies stand out
In terms of the senior management team, the CEOs of Minosing have undergone several changes, and all of them have diversified management backgrounds in multinational pharmaceutical companies or local listed companies.
On the Board of Directors, Dr. Peter Fong served as the founding CEO of Minosung from its inception in 2019 to 2020. He is also the Senior Managing Director and Head of Business Incubation at RTW. Prior to joining RTW, Dr. Peter Fong worked at Flagship Expontential as a member of the innovation team. In this role, he led the creation and financing of four Flagship businesses, while serving as the founding CEO of each of them.
In 2021, Mr. Joseph Romanelli was replaced as the Company's Chief Executive Officer and a member of the Board of Directors. Mr. Luo has more than 25 years of experience in the biopharmaceutical and biotechnology fields, including a number of years at Merck & Co., Ltd. before joining Mixing. He served as President of Merck & Co., Ltd. China for 4 years, managing more than 5,000 employees and bringing more than 20 products to market, including Keytruda and Gardasil. At the same time, the company announced the completion of a Series B financing round from RTW Investment, which will help the company realize its commitment to partners and provide operational support for the company.
*: Enterprise Chacha.
In 2023, Mu Yanping joined Jixing as Executive Director and Chief Executive Officer of the Board of Directors of Jixing, taking full responsibility for the company's operations. She graduated from Fudan Medical College and has nearly 30 years of experience in the pharmaceutical and medical device industries. Over the course of her career, she has held management positions in several of the world's leading multinational corporations, demonstrating leadership and business capabilities. At Merck & Co., Ltd. Oncology, she successfully led the launch of a number of innovative anti-tumor drugs, and within three years, Merck & Co., Ltd. became one of the top three multinational pharmaceutical companies in China. After that, she served as the CEO of Shanghai Allist Pharmaceutical Technology Co., Ltd., and successfully achieved the approval of new drugs and entered the national medical insurance catalog.
He is currently the Chairman of the Board of Directors of Kei Xing, Dr. Roderick Wong, who is responsible for managing the company's innovative drug investment. In addition, he serves on the Board of Trustees of Penn Medical School, Adjunct Associate Professor of Finance at New York University's Stern School of Business, and President of RTW Philanthropy**. Prior to founding RTW, he was Managing Director and sole portfolio manager of D**Idson Kempner Healthcare**. Prior to joining D**Idson Kempner, Dr. Rod held various healthcare investment and research roles at Sigma Capital Partners and Cowen & Company.
Dr. Yuan Li, Chief Medical Officer of KeiXing Cardiology, is responsible for leading the clinical development and development direction of Keixing's cardiovascular product pipeline, thereby driving the approval of Keixing's innovative drugs in China. Prior to joining Mixing, Dr. Li served as Senior Director and Head of Project Management at MSD China R&D Center.
Dr. Zhiping Li serves as the Chief Medical Officer of Kei Xing Ophthalmology, responsible for advancing the company's product pipeline in the field of ophthalmology. Prior to joining Mixing, Dr. Li worked at Alcon's regional headquarters in Singapore, where he served as the Medical Director for Asia Pacific China and Japan. Dr. Li holds a bachelor's degree in clinical medicine from Shanghai Medical University, a master's degree and a doctorate degree in ophthalmology from Shanghai Medical College, Fudan University, and a master's degree in medical optics with a specialization in applied physics from the Kirchhoff Institute of Physics, Heidelberg University, Germany.
Focus on win-win cooperation, and will serve the global market in the future
While continuously expanding its product pipeline, Jixing also pays attention to win-win relationships with partners.
On February 6, 2023, Jixing Pharmaceutical announced a global acquisition of innovative products in the cardiovascular field. Through the asset purchase, Mixing will acquire a global interest in PhaseBio Pharmaceuticals PB6440. This is also Mu Yanping's first acquisition transaction after joining Jixing.
PB6440 is a novel pre-clinical stage drug candidate targeting unmet needs** in the cardiovascular sector, including hypertension. Preclinical studies have shown that PB6440 can effectively inhibit aldosterone synthase and rarely interact with homologous enzymes in the body, reducing the effect of the inhibitor on the cortisol pathway. This high activity and selectivity makes PB6440 a potential best-in-class drug candidate.
On October 24 of the same year, Milestone announced that it had submitted a New Drug Application (NDA) to the US FDA for Etripamill, a novel calcium channel blocker, nasal spray for the treatment of ** paroxysmal supraventricular tachycardia (PSVT). Previously, in May 2021, Milestone reached an exclusive cooperation with Keixing. With a down payment of $15 million and subsequent payments of no more than 1With a milestone payment of US$7.5 billion, Mitsumi acquired the development and commercialization rights of Etripamil in Greater China.
On November 6, Jixing and WuXi AppTec's subsidiary, WuXi STA Pharmaceuticals, signed a strategic cooperation agreement to jointly build a sterile nasal spray production line. Ms. Mu Yanping, CEO of Jixing Pharmaceutical, said, "We are very pleased to establish a strategic partnership with WuXi STA Pharmaceuticals, which is the first strategic cooperation project in the field of manufacturing, which will provide high-quality manufacturing and chain assurance for Suanxing, and is also an important milestone in our development process. Through the establishment of localized production and advanced chains, Mixing will gradually build new drug development, manufacturing and commercialization capabilities throughout the life cycle, which can not only meet the needs of Chinese patients, but also gradually serve global patients in the future, so that Chinese innovative drugs can benefit the world. ”
Through partnerships and acquisitions with companies such as PhaseBio, Milestone and WuXi STA Pharmaceuticals, Miosing continues to strengthen its leading position and technological strength in the cardiovascular field.
In the future, we will continue to deepen the Chinese market and work with more like-minded partners to jointly promote the prosperity and development of China's biopharmaceutical industry and bring more hope and gospel to patients around the world.