(Alliance News) - AstraZeneca PLC on Wednesday announced three large-scale initiatives to build on its commitment to China and advance global research and development for innovative new medicines.
The stock was trading 1.3% lower in London at 7,269.00 pence a share.
The FTSE 100-listed drugmaker said it will create a new global research & development centre and an artificial intelligence innovation centre, both in Shanghai, and a "first-of-its-kind" healthcare industrial fund with China International Capital Corp Ltd.
The fund's target size is USD1 billion, the company said. It will support domestic companies and
partners, and international companies looking to establish a presence in China.
AstraZeneca explained that the global research & development centre will carry out the work for
potential new innovative medicines. Its primary focus will be on diseases that are prevalent in China as well as other parts of Asia.
Meanwhile, the new artificial intelligence innovation centre will be established to capitalise on the latest digital technology in research & development, manufacturing, operations and commercialisation in order to accelerate the delivery of medicines to patients in China and globally.
The centre will focus on collaboration with technology companies and local start-ups to develop
innovative solutions for patients, AstraZeneca said.
"China is rapidly emerging as a global scientific powerhouse, which is why we have taken this exciting decision to follow the science, by expanding our research & development presence and by working with the investment community," said AstraZeneca Chief Executive Pascal Soriot.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Astrazeneca (AZN)