Takeda Pharmaceutical (TAK) said Tuesday it signed a master agreement with Astellas Pharma and Sumitomo Mitsui Banking to establish a joint venture company, Ciconia Bioventures.

Ciconia will cover the entire process from early drug discovery research to the formation of biotech startups with the aim of turning innovative technologies originating in Japan into clinical applications, the company said.

"Ciconia will evaluate early development stage seeds, establish its own company based on the selected seeds, raise funds worldwide and pursue global product development," Ciconia founder and Chief Executive Toshio Fujimoto said.