AstraZeneca increasing commitment to AI and Biotech
AstraZeneca, the multinational pharmaceutical and biopharmaceutical giant, recently announced they will establish new centers for drug research and AI development in China (increasing R&D headcount in China to 1,000 people), as well as that they have established a $1 billion fund to support biotech innovation in China. These new facilities will support the company’s R&D efforts in the US, UK, and Sweden.
AstraZeneca plans to collaborate with local companies in new drug development. While they are not currently a major player in the AI Biotech sector, this plan could help grow their IP in the sector. It may also provide a major growth in business to Chinese companies already established in the sector (or looking to grow with help from the new fund).
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