Chinese GPs back AstraZeneca spin-out

Viela will take over development of six medicines being researched by MedImmune, AstraZeneca's global biologics research and development arm. The portfolio includes a treatment for an optical nerve and spinal cord condition that is currently in phase two development, and treatments for muscle inflammation and autoimmune diseases that have reached phase one.

Bing Yao, head of MedImmune's respiratory, inflammation and autoimmune medicines unit, has been named CEO of Viela, according to a release. The company will be based in Maryland, with additional sites in California and the UK. AstraZeneca will be the largest minority shareholder in Viela.

AstraZeneca operates in over 100 countries and develops treatments focusing on oncology, cardiovascular and metabolic disease and respiratory issues. It has been active in the China market since 1993, where it has developed end-to-end local R&D capabilities including drug discovery, clinical development, and manufacturing.

6 Dimensions, formed last year through the merger of WuXi Healthcare Ventures and Frontline BioVentures, covers China and the US, with combined assets under management of over RMB100 billion ($15.8 million). The firm is investing its debut healthcare fund, which closed last year with around $844 million across a $533 million US dollar-denominated tranche and a RMB2.06 billion renminbi tranche.

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• Topics
• Greater China
• Expansion
• Healthcare
• North America
• China
• Boyu Capital
• 6 Dimensions Capital
• Hillhouse Capital Management
• Pharmaceuticals