China's WuXi to sell Advanced Therapies unit amid US restrictions

Reuters2024-12-24

UPDATE 1-China's WuXi to sell Advanced Therapies unit amid US restrictions

Adds background and details in paragraphs 2-6

Dec 24 (Reuters) - China's WuXi AppTec 603259.SS said on Tuesday its subsidiaries have signed a deal with U.S.-based private equity firm Altaris LLC for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for an undisclosed sum.

The company, along with other Chinese firms, have been at the center of new U.S. laws aimed at restricting their businesses in the United States due to national security concerns.

The U.S. House of Representatives had passed a bill in September which would prohibit federal contracts with targeted firms and those that do business with them.

The bills are designed to keep Americans' personal health and genetic information from foreign adversaries and aim to push U.S. pharmaceutical and biotech companies to lessen their reliance on China for everything from drug ingredient manufacturing to early research.

WuXi said it would also sell Oxford Genetics, the UK-based operating entity of the WuXi ATU business to Altaris LLC.

Neither WuXi AppTec nor Altaris LLC responded to Reuters' requests for comment.

(Reporting by Rajasik Mukherjee; Editing by Krishna Chandra Eluri)

((Rajasik.Mukherjee@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2493082813?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-24 22:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2493082813","market":"us","top_or_hot":-1,"title":"China's WuXi to sell Advanced Therapies unit amid US restrictions","media":"Reuters","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>UPDATE 1-China's WuXi to sell Advanced Therapies unit amid US restrictions</title></head><body><p>Adds background and details in paragraphs 2-6</p><p>\n<span>Dec 24 (Reuters)</span><span> - </span>China's WuXi AppTec <span>603259.SS</span> said on Tuesday its subsidiaries have signed a deal with U.S.-based private equity firm Altaris LLC for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for an undisclosed sum.</p><p>The company, along with other Chinese firms, have been at the center of new U.S. laws aimed at restricting their businesses in the United States due to national security concerns.</p><p>The U.S. House of Representatives had passed a bill in <span>September</span> which would prohibit federal contracts with targeted firms and those that do business with them.</p><p>The bills are designed to keep Americans' personal health and genetic information from foreign adversaries and aim to push U.S. pharmaceutical and biotech companies to lessen their reliance on China for everything from drug ingredient manufacturing to early research.</p><p>WuXi said it would also sell Oxford Genetics, the UK-based operating entity of the WuXi ATU business to Altaris LLC.</p><p>Neither WuXi AppTec nor Altaris LLC responded to Reuters' requests for comment. </p><p> (Reporting by Rajasik  Mukherjee; Editing by Krishna Chandra Eluri)</p><p> ((Rajasik.Mukherjee@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's WuXi to sell Advanced Therapies unit amid US restrictions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's WuXi to sell Advanced Therapies unit amid US restrictions\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-24 22:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241224:nL4N3NP0OF:1><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UPDATE 1-China's WuXi to sell Advanced Therapies unit amid US restrictionsAdds background and details in paragraphs 2-6\nDec 24 (Reuters) - China's WuXi AppTec 603259.SS said on Tuesday its ...</p>\n\n<a href=\"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241224:nL4N3NP0OF:1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0456842615.SGD","symbol_name":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241224:nL4N3NP0OF:1","article_id":"2493082813","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2493082813","pubTimestamp":1735050276,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"UPDATE 1-China's WuXi to sell Advanced Therapies unit amid US restrictionsAdds background and details in paragraphs 2-6. Dec 24  - China's WuXi AppTec 603259.SS said on Tuesday its subsidiaries have signed a deal with U.S.-based private equity firm Altaris LLC for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for an undisclosed sum.The company, along with other Chinese firms, have been at the center of new U.S. laws aimed at restricting their businesses in the United States due to national security concerns.The U.S. House of Representatives had passed a bill in September which would prohibit federal contracts with targeted firms and those that do business with them.The bills are designed to keep Americans' personal health and genetic information from foreign adversaries and aim to push U.S. pharmaceutical and biotech companies to lessen their reliance on China for everything from drug ingredient manufacturing to early research.WuXi said it would als","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"603259":"药明康德","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU1997245177.USD":"安联神洲A股基金","BK0216":"研究试验","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD"},"translate_title":"中国药明康德将在美国限制下出售先进疗法部门","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"603259":0.9},"content_text":"UPDATE 1-China's WuXi to sell Advanced Therapies unit amid US restrictionsAdds background and details in paragraphs 2-6\nDec 24 (Reuters) - China's WuXi AppTec 603259.SS said on Tuesday its subsidiaries have signed a deal with U.S.-based private equity firm Altaris LLC for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for an undisclosed sum.The company, along with other Chinese firms, have been at the center of new U.S. laws aimed at restricting their businesses in the United States due to national security concerns.The U.S. House of Representatives had passed a bill in September which would prohibit federal contracts with targeted firms and those that do business with them.The bills are designed to keep Americans' personal health and genetic information from foreign adversaries and aim to push U.S. pharmaceutical and biotech companies to lessen their reliance on China for everything from drug ingredient manufacturing to early research.WuXi said it would also sell Oxford Genetics, the UK-based operating entity of the WuXi ATU business to Altaris LLC.Neither WuXi AppTec nor Altaris LLC responded to Reuters' requests for comment.  (Reporting by Rajasik  Mukherjee; Editing by Krishna Chandra Eluri) ((Rajasik.Mukherjee@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation,event","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493082813"}