AstraZeneca is launching a fund with China International Capital Corporation seeing the drugmaker investing $1 billion in China’s healthcare sector.
The British drugmaker was a minority partner in the fund and will play an advisory role in selecting investments. It also has plans to expand an existing research and development center in Shanghai from 450 employees to 1,000, and establish a new artificial intelligence innovation center in the city.
Sun Pharma and AstraZeneca have also announced plans for AstraZeneca to distribute some of Sun’s cancer treatment drugs in China.
Read the Reuters report