As per the agreement, AstraZeneca will have access to injectable medicines used to treat infections and will make them available to patients in China.
On completion of the acquisition, AstraZeneca will manufacture and commercialize these medicines.
AstraZeneca Asia-Pacific region President Mark Mallon said the company invests in emerging markets like China where there is rising demand for healthcare treatment.
"Our new acquisition further underscores our intention to serve the health needs of Chinese patients through our innovative medicines and, increasingly, high quality branded generic treatments that are locally produced to global standards," Mallon added.
The transaction, whose financial terms have not been disclosed, is expected to close in the first quarter of 2012.