Chinese biotechs gain as drugmakers targeted in new security bill said to mull divestments

seekingalpha10-05

WuXi AppTec (OTCPK:WUXIF) and WuXi Biologics (OTCPK:WXIBF), two affiliated China-based drugmakers targeted in recent national security legislation, are seeking to sell some of their assets in the U.S....

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Shares of U.S.-listed biotechs with roots in China jumped in reaction. Notable gainers include I-Mab (IMAB), BeiGene (NASDAQ:BGNE), Zai Lab (ZLAB), and HUTCHMED (HCM). According to people familiar with the matter, WuXi AppTec (OTCPK:WUXIF) plans to sell its cell and gene therapy manufacturing division, WuXi Advanced Therapies, which operates four laboratories and manufacturing facilities in Philadelphia. Additionally, WuXi Biologics (OTCPK:WXIBF) has engaged advisors to evaluate the interest in some of its European production facilities, three people familiar with the matter said, Two Wuxi entities are among five China-based companies targeted by the Biosecure Act, which cleared the U.S. House of Representatives last month. If cleared by the Senate, the bipartisan bill will ban drugmakers with U.S. government contracts from working with the Chinese group after 2032. The people added that the Chinese duo, which are related but operated independently, might retain the assets without opting for a sale. 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