AstraZeneca expands presence in China with new joint venture

Anglo-Swedish pharma major AstraZeneca (LSE: AZN) today announced a strategic joint venture with the Chinese Future Industry Investment Fund (FIIF) to form an equally-owned, stand-alone company in China to discover, develop and commercialize potential new medicines to help meet unmet needs globally, and to bring innovative new medicines to patients in China faster.

In December 2015, AstraZeneca announced plans to invest $800 million in China drug development over the next 10 years to speed up development of its portfolio of innovative biologics and targeted medicines for China patients.

The new company, Dizal Pharmaceutical, incorporates all scientific and technical capabilities of AstraZeneca’s Innovation Center China (ICC), and holds exclusive rights to develop and commercialize three potential medicines currently in pre-clinical development from AstraZeneca’s pipeline in its main therapy areas of oncology, cardiovascular and metabolic diseases, and respiratory. It is also expected to initiate novel clinical programs. The FIIF will contribute funding and expertise in establishing strategic partnerships in China.