AstraZeneca's Chinese investment bank partner raises $229M for its own new fund — and it's all about the coronavirus
Last November’s news about AstraZeneca launching a $1 billion venture fund with China International Capital Corporation (CICC) to invest in up-and-coming players was widely viewed as illustrative of the British drugmaker’s ambitions in China. As it turns out, it’s just as much about CICC — China’s largest investment bank — and its plans in biomedicine.
Days after announcing the AstraZeneca fund, state-backed CICC disclosed that it’s teaming up with 11 domestic firms to raise a fund dedicated to innovative drugs, in vitro diagnosis, medical technology and health IT. It’s now closed at $229 million (RMB$1.6 billion), according to a statement.
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