AsianScientist (Jul. 24, 2011) – The Hamner Institutes for Health Sciences and Ascletis, Inc. have signed a formal Memorandum of Understanding that supports the first large-scale joint venture in biotechnology between North Carolina and China’s Zhejiang Province.
Towards this joint venture, Ascletis will establish its U.S. research and development headquarters on The Hamner’s 56-acre campus in Research Triangle Park, while it maintains other operations at the National High Tech Industry Development Zone in Hangzhou, China, part of the Zhejiang Province.
Ascletis is a joint venture between U.S. and Chinese entrepreneurs aimed at building a global specialty therapeutics business dedicated to discovering and developing important new treatments for cancer and infectious diseases. The company will license the rights to late-stage experimental and commercial drugs for China as part of its efforts as well.
President and CEO of Ascletis, Dr. Jinzi J. Wu, who was previously vice president and head of global HIV drug discovery at GlaxoSmithKline, will manage the firm in both countries.
With the assistance of Ascletis co-founder and Chinese billionaire Jinxing Qi, Wu has successfully completed raising US$100 million in Series A financing in 2011 for Ascletis, including a first tranche of US$50 million.
Drs. Greenlee and Wu attended the MOU signing on July 16 at The Little America Hotel in Salt Lake City along with Gov. Beverly Perdue, Secretary of Commerce Keith Crisco, and members of the Zhejiang Province delegation. The signing ceremony occurred as part of the U.S.-China Governors Forum held in Utah.
At the same MOU signing event, North Carolina Gov. Bev Perdue signed a formal MOU with Mr. Zhao Hongzhu, Party Secretary of Zhejiang Province and Chairman of the Standing Committee of Zhejiang Provincial People’s Congress, to foster business and economic development and trade opportunities through commercial interaction in sectors where the parties have identified common interests.
“As part of The Hamner’s mission to become a global leader in translational life sciences research, innovation and training, the organization has worked closely with government and policy makers to build strong business ties between the United States and China, including the establishment of The Hamner-China Biosciences Center and its proprietary network of working relationships with the government, industry and academic institutions of China,” said Dr. Wu.
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Source: The Hamner Institutes for Health Sciences.
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