Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

AstraZeneca planning China business spin off -FT

by Staff GBAF Publications Ltd
0 comment

AstraZeneca planning China business spin off -FT

(Reuters) – Drugmaker AstraZeneca is drafting a plan to spin off its China business, and listing a separate unit in Hong Kong is being viewed as an option, the Financial Times reported on Sunday.

A separation might not ultimately take place, the report said, citing people familiar with the matter, with one of them saying listing the entity in Shanghai was also possible.

The company would seek to be a patriotic company in China that “loves the Communist Party”, its China president said in May. Last year, the country accounted for 13% of AstraZeneca’s total sales, and the company is China’s biggest drugmaker.

The spin off could protect AstraZeneca from tensions between China and other global powers, while the company retained control of the business, the FT’s report said.

It added the idea has been around for years but was recently sidelined by a global biotech downturn.

AstraZeneca said it did not comment on “rumours or speculations around future strategy or M&A.”

 

(Reporting by Bharat Govind Gautam in Bengaluru; additional reporting by Rishabh Jaiswal; Editing by Chris Reese and Diane Craft)