AstraZeneca's China Executive Detained Amid Expanding Probe
AstraZeneca's top executive in China, Leon Wang, has been detained by Chinese authorities amid an investigation into the alleged illegal importation and sale of the cancer drug Imjudo. The drug, approved elsewhere but not in China, is reportedly being imported through Hong Kong. AstraZeneca's market value dropped significantly following reports of the investigation, which the company clarified was separate from past insurance fraud cases involving its salespeople. AstraZeneca is cooperating with the authorities, and Michael Lai is temporarily leading the China operations.