AstraZeneca has formed a joint venture with China’s Future Industry Investment Fund (FIIF) to accelerate local development of innovative medicines for patients in China and around the world.

Both partners own an equal share in the standalone company, called Dizal Pharmaceutical. Xiaolin Zhang, previously head of AstraZeneca’s Innovation Center China (ICC), has been appointed as Dizal’s CEO.

Dizal, which incorporates all scientific and technical capabilities of the ICC, holds exclusive rights to three potential medicines from the Anglo-Swedish group’s pipeline that are currently in preclinical development. The jv is also expected to initiate its own novel clinical programs.

FIFF, which is managed by SDIC Fund, a private equity company focused on investment in China, will contribute funds and expertise in establishing strategic partnerships in the country.

SDIC Fund chairman, Guohua Gao, said the synergy created by combining AstraZeneca’s scientific talent and assets with FIIF’s China expertise and funding will help further promote innovation in medical science.