US-headquartered pharmaceutical firm AstraZeneca launched a RMB2.2bn ($338m) healthcare investment fund with investment banking firm China International Capital Corporation’s private equity vehicle, CICC Capital, yesterday, DealStreetAsia reported.
Wuxi AstraZeneca CICC Investment was officially registered in January this year and is targeting developers of innovative therapeutics, medical devices, diagnostics technology and artificial intelligence-equipped healthcare technology.
In addition to technology, the fund will back the development of innovative supply chain solutions for pharmaceutical companies.
AstraZeneca had previously partnered China International Capital Corporation to establish a vehicle called Healthcare Industrial Fund in late 2019 with $1bn in capital.
The drug producer already maintains a life science incubator in the Chinese city of Wuxi dubbed the Wuxi International Life Science Innovation Campus. It also teamed up with Chinese Future Industry Investment Fund to launch a drug commercialisation company called Dizal Pharmaceutical in 2017.
