AstraZeneca has signalled its confidence in China’s biotech sector by partnering with state-owned investment bank CICC on a $1bn fund to invest in local start-ups.
The Anglo-Swedish drugmaker would “contribute a “substantial” amount to the fund, which would have Singaporean sovereign wealth fund Temasek as a partner, and would finance mainly “smaller ventures,” said Pascal Soriot, chief executive.
It would be AstraZeneca’s largest fund, said Mr Soriot, adding that he expected it would reach its target within four years.
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