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AstraZeneca and CSPC form a China biotech joint venture with 49% stake

The venture is set to start with manufacturing and supplying products for the global market before expanding its product line.

Reported · Written up by our desk · China

Global pharma companies are increasingly turning to China’s fast-growing biotech sector, with speakers at Hong Kong’s Global Health Summit saying multinationals are shifting away from asset-heavy operations toward innovation-led investments and deeper integration with Chinese partners, according to SCMP Economy.

SCMP Economy reports that AstraZeneca and China’s CSPC have agreed to a joint venture structure in which AstraZeneca will hold a 49% stake and CSPC will own the remaining shares.

The joint venture’s initial phase is expected to focus on manufacturing and supply of products for the global market, with plans to expand its product line later, SCMP Economy said.

SCMP Economy also noted that the trend mirrors other deal activity in healthcare, including Mölnlycke’s May joint venture with Zhejiang-based Zhende Medical to combine portfolios and co-develop future products.

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