AstraZeneca Faces Probe in China: Executive's Position in Jeopardy

AstraZeneca's China president, Leon Wang, is under investigation by Chinese authorities, affecting the company's share prices. The firm, with a strong market presence in China, has pledged full cooperation. This comes amid recent detentions of five employees and ongoing scrutiny in the pharmaceuticals sector.

AstraZeneca's China president is cooperating with Chinese authorities amid an investigation, causing shares to drop by 5.3% as of Wednesday. The executive, Leon Wang's whereabouts remain unclear, though the company confirmed his involvement in the probe.

The Anglo-Swedish pharmaceutical giant holds a significant position in China's market, a strategic locale for many Western drugmakers. Recent investments include a $450 million factory and various licensing deals. Leadership remains under AstraZeneca China's general manager, pending the investigation outcome.

AstraZeneca has pledged full cooperation if necessary, following the September detention of five current and former employees in China. Share prices fell 5.2% by 1352 GMT, and as the investigation unfolds, the status of these detentions remains undisclosed, heightening tensions within the industry.

(With inputs from agencies.)