AstraZeneca PLC (LSE:AZN) chief executive Pascal Soriot has signalled the company is taking a criminal probe into its Chinese business “very seriously”.
Soriot on Tuesday said AstraZeneca would “fully cooperate” with Chinese authorities over the case, which has seen its president in the country, Leon Wang, detained.
Shares in the pharmaceutical firm have been hammered in recent weeks following news Wang was stepping back due to the investigation.
Two former and two current executives have also been detained as a result of the probe, which revolves around allegations of illegally importing oncology medicines.
“We take the matters in China very seriously,” Soriot said, “if requested, we will fully cooperate with the authorities”.
He added: “We remain committed to delivering innovative, life-changing medicines to patients in China.”
His comments come after AstraZeneca hiked guidance for the second time in under four months on Tuesday morning, on a 20% jump in third-quarter sales to US$12.95 billion.
Shares fell by 1.2% on Tuesday, taking AstraZeneca’s decline to 17.3% over the past month.