AstraZeneca: China's Investigation into Exec Separate from Medical Insurance Probe

The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
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AstraZeneca: China's Investigation into Exec Separate from Medical Insurance Probe

The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo

AstraZeneca said on Wednesday that to its knowledge an ongoing investigation by Chinese authorities into the company's top executive in the country, Leon Wang, is separate from a large health insurance fraud case also involving the company.

The drugmaker said its Chief Financial Officer Aradhana Sarin had briefed investors on the subject on Wednesday to quell concerns about the fraud probe expanding following a report by financial media company Yicai a day earlier that led its shares to plunge more than 8%.

The Anglo-Swedish drugmaker confirmed on Wednesday that Wang, its China president, was in Chinese custody. One week ago, AstraZeneca said that Wang was under investigation and that the drugmaker would cooperate with authorities, according to Reuters.

AstraZeneca said on Wednesday it did not know what Wang was detained for.

The Yicai report on Tuesday said that dozens of the drugmaker's senior executives in China could be implicated in the largest insurance fraud case in the country's pharma sector in years. But AstraZeneca said on Wednesday that to its knowledge the insurance fraud case did not involve any current AstraZeneca executives.

AstraZeneca has invested heavily in the world's No. 2 pharmaceuticals market.



Crown Prince to Patronize 3rd Riyadh Global Medical Biotechnology Summit on November 10-12

Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman,  (SPA)
Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman, (SPA)
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Crown Prince to Patronize 3rd Riyadh Global Medical Biotechnology Summit on November 10-12

Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman,  (SPA)
Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman, (SPA)

The Ministry of National Guard Health Affairs, in collaboration with the Ministry of Investment, is organizing the third edition of the Riyadh Global Medical Biotechnology Summit (RGMBS) 2024, taking place in Riyadh from November 10 to 12.

The event is held under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
The RGMBS aims to strengthen the national economy and promote sustainable development, aligning with the National Biotechnology Strategy launched by the Crown Prince this year.

According to SPA, this strategy envisions Saudi Arabia as a leading regional hub in biotechnology by 2030 and a global leader by 2040.
The summit will feature global experts and leading biotech companies from countries including the United States, United Kingdom, China, Republic of Korea, and Japan, as well as prominent academic institutions and organizations.
The previous summit resulted in 11 collaborative agreements with international entities in medical technology research and vaccine production. It hosted 68 speakers and attracted over 14,300 participants from 128 countries.