The company joins with Chinese Future Industry Investment Fund (FIIF) to launch Dizal Pharmaceutical.
Forwarding its global strategy, AstraZeneca announced late November it had entered into a strategic joint venture with private equity financed Chinese Future Industry Investment Fund (FIIF) to launch Dizal Pharmaceutical. The new entity will provide capacity in the region and a platform to develop and manufacture drug candidates.
According to the company, the drugs under development are from areas including oncology, cardiovascular and metabolic disease. Novel clinical programs will also be initiated and serve as a focal point for FIIF strategic partnering activity in China and the region.
Head of AstraZeneca’s ICC, Dr. Xiaolin Zhang, was named Chief Executive Officer and will oversee the transition of his former organization. All staff, said the announcement, have been invited to join the new company.
Articulating the company’s strategic intentions in the region, AstraZeneca’s CEO Pascal Soriot noted, “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.”