Chinese PE firm CICC ties up with UK’s AstraZeneca for $338m healthcare fund

Chinese private equity firm CICC Capital on Monday announced that it has tied up with the UK-based pharmaceutical giant AstraZeneca to set up an over 2.2 billion yuan ($338 million) healthcare fund.

This marks a milestone for CICC Capital, given the global reach of the industry fund.

Dubbed Wuxi AstraZeneca CICC Investment, the fund completed its PE fund registration with the Asset Management Association of China on January 28, 2021, CICC said in a statement.

The fund will largely target investments in the fields of innovative drugs, medical equipment, detections, biotechnology, and AI services. Meanwhile, the vehicle will also be used to support the development of global innovative drug makers’ supply chains.

Previously, CICC had joined hands with AstraZeneca for a $1 billion healthcare fund targeting Chinese pharmaceutical companies based in AstraZeneca’s Wuxi International Life Science Innovation Campus, and international players looking to enter the Chinese market.

With a presence in over 100 countries, Cambridge-based AstraZeneca delivers innovative medicines and other effective therapies for oncology, cardiovascular diseases, kidney metabolism, and immunity disorders. 

CICC Capital, an arm of state-owned investment bank China International Capital Corporation (CICC), managed more than 350 billion yuan ($54 billion) in assets in 2020. Its industry funds include funds of funds, government funds, M&A funds, and overseas funds.

In addition to the latest partnership, CICC Capital has been active in healthcare funds and investments. In February last year, it raised 1.6 billion yuan ($229 million) for its first biopharmaceutical fund — CICC Qide Innovation Biopharmaceutical Equity Investment Fund.

Subsequently, in January 2021, CICC reached the second closing of its biomedicine fund CICC Qide at over 4.2 billion yuan ($649 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.