AstraZeneca Backs $1 Billion Fund for China Biotech Startups
- U.K. drugmaker working with China International Capital
- Investment in market extended with research, import efforts
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AstraZeneca Plc is teaming up with one of China’s largest investment banks on a $1 billion biotechnology venture capital fund as the U.K. drugmaker builds presence in the fast-growing market.
AstraZeneca will work with China International Capital Corp. to target support for drug and diagnostics developers along with other startups using artificial intelligence and digital technologies to improve health care, Chief Executive Officer Pascal Soriot said in an interview with Bloomberg TV. Astra is not the majority investor, he said.