UK pharmaceutical major AstraZeneca (AZ, NASDAQ: AZN) and Hong Kong Science and Technology Parks Corp. (HKSTP) have signed a memorandum of understanding (MoU) to strengthen their existing collaboration. This deal builds upon an earlier collaboration signed in February 2021 and will see AstraZeneca and HKSTP supporting and providing services to start-up companies under the HKSTP co-incubation program.
Attracting Start-Ups from Hong Kong and Beyond
AstraZeneca and HKSTP aim to attract not only Hong Kong start-ups but also those from mainland China and foreign companies to join the Hong Kong incubator program. Companies that join the program will be offered the opportunity to connect with local hospitals and key opinion leaders across the Greater Bay Area and universities in Hong Kong. This strategic move is designed to foster innovation and facilitate networking within the region’s healthcare ecosystem.
AstraZeneca’s Commitment to Start-Up Growth
AstraZeneca will provide consultation-type advice to start-ups on setting up international offices in Hong Kong, as well as connections to overseas investors through the HKSTP co-incubation programs. This support is aimed at helping start-ups expand their reach and access global resources, thereby enhancing their growth potential.
The February 2021 Deal and Its Focus
The initial deal between AstraZeneca and HKSTP in February 2021 was described as a co-incubation program aimed at enticing biomedical start-ups with a particular focus on oncology. The program was open to both overseas and domestic participants, ranging from start-ups to semi-established medium-sized companies. This expansion of the collaboration signifies a continued commitment to fostering innovation in the biomedical sector and supporting the growth of start-ups in Hong Kong and the Greater Bay Area.-Fineline Info & Tech
