19th Jun 2023 07:00
(Alliance News) - AstraZeneca PLC has drafted plans to separate its China business amid geopolitical tensions, the Financial Times reported on Monday.
The company is aiming to shield itself from simmering tensions between China, the world's second-largest, and the West.
The FT, citing people familiar with the matter, reported that the Cambridge, England-based pharmaceutical company began discussing the idea with bankers "several months ago". It is among a growing number of multinational companies now considering that option, the FT added.
A move may ultimately not take place, the FT sources said, though a Shanghai listing is also possible.
The Chinese market is an attractive one for pharma firms, as the nation has an ageing population and as the government there speeds up the regulatory process for innovative medicines.
https://www.ft.com/content/d195f3d0-0101-414e-b190-9691e6c5661d
Shares in Astra closed up 0.9% at 11,786.82 pence each in London on Friday.
By Sophie Rose, Alliance News reporter
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