AstraZeneca Appoints New China Head Amid Investigation #

AstraZeneca has named Iskra Reic as its new head in China, replacing Leon Wang, who is currently detained by authorities. Reic, known for her role in developing AstraZeneca’s Covid vaccination, succeeds Wang who is “on extended leave while under investigation.” This change comes amid investor apprehensions following Wang’s detention, reminiscent of the financial scandal involving another pharmaceutical company a decade prior.

Reic will relocate to Shanghai, continuing her leadership over the vaccines and immune therapies unit. AstraZeneca remains the leading entity on the FTSE 100 index, illustrating its significant market positioning.

Previously, the company disclosed that Wang was cooperating with an ongoing investigation without additional details. In parallel, earlier this year, a prominent investment banker disappeared, highlighting a wider anti-corruption drive. Reports indicate that Wang and some AstraZeneca employees are under scrutiny for possible insurance fraud violations. Last month, the organization acknowledged the investigation concerning medical insurance fraud and a separate inquiry on unauthorized cancer drug imports to China, affecting about 100 former staff members.