AstraZeneca's China-Fueled Plunge May Be Difficult to Shake Off [Yahoo! Finance Canada]
DAIICHI SANKYO S/ADR (DSNKY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg A call hastily convened by the company with investors on Wednesday did little to quell concerns, and the challenge now facing Astra Chief Executive Officer Pascal Soriot is how to handle the fallout from Beijing's deepening investigation into the company's China unit. Chinese authorities are probing alleged illegal importation of cancer drugs into China via Hong Kong and data privacy breaches, Astra said Wednesday. This is on top of another, separate investigation into the company's China arm for medical insurance fraud, which has already resulted in 100 ex-Astra employees being sentenced. The stock has plunged more than 25% since reaching a record high in early September and as Astra prepares to report earnings on Tuesday, it may find this week's slump hard to shake off. Even Monday's promising data on its experimental obesity pill — an asset in the pharmaceutical industry's fastest growing area — did little to take the edge off investors' China worrie
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