Leon Wang, executive vice president in charge of China and the broader Asian region, is being detained while the Chinese government is probing AstraZeneca employees, the drugmaker says.

Two current and two former senior executives at AstraZeneca Plc are under investigation in China in an ongoing probe into alleged breaches of laws around drug importations and data privacy, the company said.

AstraZeneca shares declined Tuesday after reports that senior executives in China were potentially implicated in an insurance fraud case. AstraZeneca China President Leon Wang is cooperating with Chinese authorities, the company said last week. In ...

BEIJING—An investigation involving a top executive at drugmaker AstraZeneca is the latest to rattle foreign companies in China, where a series of probes and detentions have led to uncertainty about Beijing’s intentions.

AstraZeneca’s stock price dropped by 8.4% during Tuesday’s trading in London after a report fueled fears of a potentially escalating insurance fraud investigation in China. | AstraZeneca’s stock price dropped by 8.

AstraZeneca's (NASDAQ:AZN) selloff on Tuesday in response to reports that the company is facing a fraud investigation in China highlights how much value the Anglo-Swedish pharma giant has attached to the country, the company's third largest market.