AstraZeneca Appoints Iskra Reic as New International Operations Lead Following Investigation into China Executive

Appointment of Iskra Reic:
AstraZeneca has appointed Iskra Reic as the executive vice president for its international operations, replacing Leon Wang who is under investigation by Chinese authorities12.

Background on Leon Wang:
Leon Wang, AstraZeneca’s China President, was detained by Chinese authorities in November 2024, reportedly for alleged medical insurance fraud, though AstraZeneca disputes this claim13.

Iskra Reic’s Role:
Reic will oversee AstraZeneca’s international operations, including markets outside the U.S., such as the Middle East, Africa, Australia, New Zealand, and Latin America, while continuing to lead the Vaccines and Immune Therapies unit1.

Impact on AstraZeneca:
The investigation into Wang led to an 8% drop in AstraZeneca’s stock price, erasing $14 billion of its market value13.

China’s Importance to AstraZeneca:
China is a significant market for AstraZeneca, with the company reporting a 7% increase in Chinese revenue in 2023, totaling $5.9 billion13.

AstraZeneca’s Investments in China:
The company has made substantial investments in China, including a $450 million factory for chronic obstructive pulmonary disease treatments and partnerships with Chinese biotechs like Eccogene and CSPC Pharmaceutical Group13.

Sources:

1. https://www.biospace.com/policy/astrazenecas-china-head-taken-into-custody-by-chinese-authorities-reports

2. https://www.bloomberg.com/news/articles/2024-12-04/astrazeneca-veteran-replaces-detained-china-executive-leon-wang

3. https://www.biospace.com/business/astrazenecas-stock-price-takes-a-hit-as-china-chief-investigated-for-insurance-fraud