AstraZeneca 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 commercialise potential new medicines to help meet unmet needs globally, and to bring innovative new medicines to patients in China faster. FIIF is managed by the SDIC Fund Management Company (SDIC Fund), a private equity management company.
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 commercialise 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 programmes. The FIIF will contribute funding and expertise in establishing strategic partnerships in China.
Dr. Xiaolin Zhang, previously Head of AstraZeneca’s ICC, has been named as Chief Executive Officer of the new company. All staff employed by the ICC have been invited to join the new company.
Pascal Soriot, Chief Executive Officer of AstraZeneca, said: “AstraZeneca has a long-standing and strong commitment to China, which we are reinforcing today with this ground-breaking joint venture. By joining forces with the FIIF, we aim to accelerate the local discovery and development of innovative, affordable medicines for patients in China and around the world.”
Guohua Gao, Chairman of SDIC Fund, said: “FIIF is delighted to be collaborating with AstraZeneca to promote the development of innovative medicines. AstraZeneca’s Innovation Center China has an excellent track record of drug discovery, and the synergy created by combining AstraZeneca’s scientific talent and assets with FIIF’s China expertise and funding will help further promote innovation in medical science.”
The remit of the FIIF in the pharmaceutical industry is to promote the development and manufacturing of innovative medicines in China through strategic partnerships. The joint venture supports AstraZeneca’s commitment to enhancing China’s research and development capabilities through diversified external partnerships that deliver value to patients in China.
About SDIC Fund and Future Industry Investment Fund
SDIC Fund Management Company (SDIC Fund) is an independent private equity fund manager established in August 2009. It currently advises and manages more than RMB 60 billion of capital. The Future Industry Investment Fund is one of the funds that are managed by SDIC Fund. The limited partners of SDIC Fund include a wide range of institutional investors across China. The core strategy of SDIC Fund is to invest in market leading companies with attractive growth prospects and outstanding management teams. In partnership with the portfolio companies and their management teams, it aims to contribute strategically and add business value to the companies. SDIC Fund prides itself on its ability to forge effective and mutually rewarding partnerships with exceptional management teams to execute its strategy of investing in quality businesses, and adding value to make them grow to become leaders in their respective industry. SDIC Fund’s primary focus in China includes healthcare, advanced manufacturing, TMT and environmental protection.
About AstraZeneca in China
Since entering China in 1993, AstraZeneca has been committed to continuously following the science, focusing on innovation and becoming one of the most trusted healthcare partners to bring high quality, innovative medicines and complete disease solutions to Chinese patients from disease prevention to diagnosis, treatment and rehabilitation. We develop long-term partnerships with Government, academia and local scientists across research and development (R&D) and manufacturing.
AstraZeneca has end-to-end R&D capabilities in China, from discovery to clinical development and manufacturing of innovative medicines. Our comprehensive presence includes manufacturing sites in Wuxi and Taizhou and a China Distribution Centre in Wuxi. AstraZeneca’s China headquarters are based in Shanghai and the company has more than 11,000 employees throughout the country.
AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of diseases in three therapy areas – Oncology, Cardiovascular & Metabolic Diseases and Respiratory. The Company also is selectively active in the areas of autoimmunity, neuroscience and infection. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide.
For more information, please visit www.astrazeneca.com