The joint venture (JV) between UK pharmaceutical giant AstraZeneca (AZ, NASDAQ: AZN) and China’s CICC Capital has launched its Hangzhou unit, backed by an RMB 3 billion (USD 425.5 million) fund. The fund is supported by multiple local government guidance funds, funds of funds, and medical industry funds, including Hangzhou Hi-tech Investment and GSGT Holding.
Fund Focus and Investments
The JV, which focuses on biomedicine, medical devices, diagnostic services, digital health, and other related fields, first closed an RMB 2.2 billion (USD 312.2 million) funding round in 2021. Since then, it has invested in over 10 companies. Notable investments include Cellular Biomedicine Group Inc. (CBMG), a specialist in cell therapy; Deepwise, a provider of artificial intelligence-focused medical solutions; and Abbisko Therapeutics Co., Ltd (2256.HK), a small molecule anti-tumor drug developer that made its debut on the Hong Kong Stock Exchange last year.-Fineline Info & Tech
