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DealStreetAsia

Chinese-AstraZeneca cancer cure joint venture raises $100m

Public-private Dizal Pharma to boost R&D and domestic footprint

A technician inspects anti-cancer drugs at a laboratory in Lianyungang, Jiangsu Province.    © Reuters

SHANGHAI -- Dizal Pharmaceutical, a joint venture between China's state-owned SDIC Fund Management, AstraZeneca and Zytz Partners, has announced the closing of a $100 million financing round led by Lilly Asia Ventures.

New investors Sequoia Capital China, Trinity Innovation Fund and Wuxi NewForce Fund also participated in the round, according to a company statement on Wednesday.

Shanghai-based Dizal develops therapies for cancer and autoimmunity. In June, it set up a subsidiary in Beijing with capital of 15 million yuan ($2.17 million).

The pharma raised an unspecified amount from Wuxi New District Investment Group's sub-fund Xintou Group in July.

Dizal will deploy the proceeds toward research, operations, manufacturing, sales and distribution.

"We will further expedite our drug R&D and facilitate business strategy," said CEO Xiaolin Zhang in the statement. "We will join hands to support the enhancement of the biomedicine industry in Wuxi."

Headquartered in Shanghai, Lilly Asia Ventures's portfolio includes Shanghai and Hong Kong dual-listed vaccine company CanSino Biologics, Hong Kong-listed drug discovery company Innovent, Shenzhen-listed Betta Pharmaceuticals.

Sequoia Capital China also led a 500 million yuan Series C funding in Xiamen-based LP Pharmaceuticals earlier this week.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and Greater China. Nikkei owns a majority stake in the company.

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