AstraZeneca overhauls management of its China division, FT reports

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(Reuters) -AstraZeneca has overhauled its local management in China, replacing Michael Lai with Alex Lin as the country’s general manager, the Financial Times reported on Friday, citing two people with direct knowledge of the matter.

The Anglo-Swedish drugmaker has promoted Mary Guan to lead oncology in China, according to the report.

AstraZeneca declined to comment.

Last month, the company named Iskra Reic as its new international executive vice president, taking over from Leon Wang, who was detained by Chinese authorities in October.

AstraZeneca said in November that in addition to the Chinese authorities’ investigation into Wang, the company is also aware of two separate and ongoing probes by the Chinese government into its activities in the country. One involves suspected medical insurance fraud, and the other relates to the importation of cancer drugs from Hong Kong into mainland China.

Shares in the drugmaker fell up to 17% after the investigation into Wang was announced in late October last year, but have since erased some of those losses and are up about 6% so far in 2025.

The company has invested heavily in China, the world’s second-largest pharmaceuticals market after the United States, with its Chinese business contributing 13% of group revenue last year.

AstraZeneca said in November its chief financial officer had briefed analysts to try to quell concerns about a fraud probe expanding in China following a report by financial media company Yicai.

The ongoing Chinese probe into alleged insurance fraud began three years ago and initially involved a small number of employees. It later escalated and some 100 now former employees were sentenced to jail time, the company said.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta and Sharon Singleton)