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MARKET REPORT: AstraZeneca shares sink on Chinese probe shock By Jon Hopkins Updated: 22:28 GMT, 30 October 2024 e-mail View comments AstraZeneca shares fell after it revealed the president of its business in China is under investigation by regulators in the People’s Republic. A spokesman for the FTSE 100 drugmaker said Leon Wang, who is also executive vice president of its international division, is co-operating with the probe by Chinese authorities. If requested, AstraZeneca added, it will fully co-operate with the investigation.
The firm said operations in the country are under the leadership of the general manager of AstraZeneca China. Probe: A spokesman for Astrazeneca said the president of its China business Leon Wang is co-operating with an investigation by Chinese authorities Last month, China detained five of AstraZeneca’s current and former employees, reportedly for questioning over possible infringement of data privacy laws and importing unlicensed medications. The drugs giant has been investing heavily in the country, announcing plans last year to build a £350million factory and recently signing a number of licensing deals with Chinese companies.
AstraZeneca shares slid 2.8 per cent, or 328p, to 11206p. Weakness in the pharma sector weighed on the FTSE 100 index, which closed down 0.
7 per cent, or 59.98 points, at 8159.63 while the FTSE 250 added 0.
4 per cent, or 71.33 points, to 20,694.12 as investors digested the Budget.
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