This invention relates to novel amphiphilic diblock, triblock copolymers and star-shaped block copolymers comprising a biodegradable polymer covalently attached at the polymer ends, to a hydrophilic vinyl polymer, via divalent sulfur atom; to a process for producing the block polymers; to a polymerization process which comprises subjecting the monomers capable of radical polymerization to radical polymerization in the presence of a macromolecular biodegradable chain-transfer agent; and to pharmaceutical compositions comprising the block copolymers loaded with therapeutic agents.