UK-based healthcare and life science company Arix Bioscience has entered a strategic agreement with China’s Fosun International to develop and commercialise new clinical therapies for patients.

Under the arrangement, Arix and Fosun will jointly invest in and create new companies focused on the development of innovative clinical therapies across various therapeutic areas.

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The proposed companies will particularly focus on the Chinese market.

Fosun will gain access to Arix’s group businesses, pipeline and the network of key professional and scientific advisors, as part of the latest deal.

The company will also share potential investment opportunities with Arix in China and will explore opportunity to promote its services as exclusive distribution partner in China for Arix’s group businesses.

“Arix and Fosun share a common goal in identifying and developing improved medical options for patients.”

In addition, the agreement is expected to help Arix and its group businesses to expand its presence in China, which is estimated to be the world’s second largest pharmaceutical market after the US.

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Arix Bioscience CEO Joe Anderson said: “Arix and Fosun share a common goal in identifying and developing improved medical options for patients.

“Through this agreement we will bring together Fosun’s wealth of experience in the China market with Arix’s experience in growing companies to develop innovative new therapies and build value.

“Fosun’s extensive footprint and network in China will enhance Arix’s already strong sourcing power and provide our group businesses the opportunity of developing a deep relationship with a leading distribution partner in China.”

In 2016, Arix invested in 13 innovative life science companies and intends to provide funding and expertise to additional new group businesses throughout the year.