British pharmaceutical giant AstraZeneca has named Iskra Reic as its new head for China, replacing Leon Wang, who is currently under investigation and on extended leave.
Reic, who played a key role in developing AstraZeneca’s Covid-19 vaccine, will relocate to Shanghai to take on her new role.
In addition to her duties in China, she will continue leading the company’s vaccines and immune therapies unit.
Wang’s detention, first disclosed in October, has caused unease among investors, drawing parallels to a high-profile bribery scandal involving GlaxoSmithKline, which paid a record $489 million fine in China a decade ago.
AstraZeneca confirmed Wang’s cooperation with Chinese authorities but provided no further details about the investigation.
Reports from Chinese state-owned financial outlet Yicai suggest the probe involves allegations of insurance fraud and illegal importation of cancer drugs.
The pharmaceutical company, known for its cancer treatments, has faced increased scrutiny in China. Last month, Chief Financial Officer Aradhana Sarin acknowledged ongoing investigations that have already led to convictions of about 100 former employees.
AstraZeneca is the most valuable company on the FTSE 100, the London Stock Exchange’s index of top firms.
Email your news TIPS to Editor@Kahawatungu.com — this is our only official communication channel
