China-based drug developer Dizal Pharmaceutical was launched yesterday by pharmaceutical firm AstraZeneca and the Chinese Future Industry Investment Fund (FIIF), according to Reuters.
The two partners will share equal ownership in the joint venture. FIIF is backed by state-owned investment holding firm China State Development & Investment Corporation.
Dizal will aim to take advantage to regulatory reform in China’s pharmaceutical industry to accelerator the launch of new treatments.
Dizal will incorporate the scientific and technical expertise of AstraZeneca’s Innovation Center China (ICC) and receive exclusive rights to three pre-clinical candidates. Xiaolin Zhang, previously head of ICC, will act as CEO and all ICC staff have been invited to join Dizal.
FIIF will supply an undisclosed sum of development funding, though no upfront payments are being made, and offer its expertise forge strategic partnerships.
The People’s Republic has become the second-largest drugs market after the US and counts more cancer and diabetes patients than any other nation.
Pascal Soriot, chief executive of AstraZeneca, said: “We aim to accelerate the local discovery and development of innovative, affordable medicines for patients in China and around the world.”