AstraZeneca 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 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.
AstraZeneca’s Presence in China Market:
- China is a key market for AstraZeneca, accounting for roughly 15% of the pharma company’s global sales so far this year.
- Annual revenues have increased steadily, boosted by new product approvals in the country and broader access after successful reimbursement negotiations.
- In particular, recent regulatory OKs for Tagrisso (osimertinib), a lung cancer medicine, and Farxiga (dapagliflozin), a SGLT-2 inhibitor for type 2 diabetes, bolstered AstraZeneca’s product offerings in China.