China detains AstraZeneca staff in data, drug-import probes, Bloomberg News reports
Adds share price move in paragraph 3, details from report on the detentions and investigation throughout
Sept 5 (Reuters) -Police in China have detained five current and former employees of AstraZeneca AZN.L for questioning about potential illegal activities, Bloomberg News reported on Thursday, citing people familiar with the matter.
"We are aware a small number of our employees in China are under investigation and we have no further information to share at this point," AstraZeneca said in a statement.
AstraZeneca shares were down 2.8% at 1426 GMT, among the biggest losers on the FTSE 100 index .FTSE and were on track for their worst day since early February.
The individuals being held are all Chinese citizens who marketed cancer drugs in AstraZeneca's oncology division, according to Bloomberg.
One of the investigations is related to AstraZeneca's collection of patient data and whether that infringed China’s data-privacy laws, the report said.
Chinese authorities are also looking into some of the people's involvement in importing liver cancer drug Imjudo that had not been approved for distribution in the country, it added, citing one source.
The investigation is being led by police in Shenzhen, and the detentions were made earlier in the summer, the report said.
China accounted for nearly 13% of AstraZeneca's total sales in 2023.
Reporting by Rishabh Jaiswal and Chandini Monnappa in Bengaluru; Editing by Varun H K and Emelia Sithole-Matarise
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
