AstraZeneca Under Scrutiny: Leadership Turmoil in China's Pharmaceutical Market

AstraZeneca's Chinese president Leon Wang is under investigation by Chinese authorities. The Anglo-Swedish drugmaker is committed to cooperating, though the reason for the probe is undisclosed. AstraZeneca's shares fell 2.8% in the London market. The company is reportedly under investigation for potential insurance fraud.

AstraZeneca's China president, Leon Wang, is being investigated by Chinese authorities, the pharmaceutical giant confirmed. While the company remains tight-lipped on the specifics, they assured full cooperation during the probe.

Following this disclosure, AstraZeneca's shares saw a 2.8% drop in London. Reports suggest that the company might face additional scrutiny over alleged insurance fraud related to its lung cancer drug, Tagrisso.

The developments come as AstraZeneca continues to expand its presence in China, a critical market that contributes significantly to its global revenues.

(With inputs from agencies.)