Shares of Chinese biotech companies WuXi Biologics and WuXi AppTec experienced significant gains in Hong Kong, with WuXi AppTec closing up by 5.7% and WuXi Bio rising by 7.5%, following the announcement that Republican Congressman Mike Gallagher, who had been sponsoring a bill aimed at preventing these companies from securing U.S. federal contracts, will be leaving Congress next month. This legislative development is seen as potentially slowing down the progress of the Biosecure Act. The departure of Gallagher has been linked to a positive market response. The proposed legislation is part of broader scrutiny faced by Chinese biotech firms in the U.S., which includes other anti-China biotech bills such as S. 3558 and H.R. 7085. The situation has prompted discussions about the impact on the drug supply chain, with WuXi AppTec being highlighted as a crucial player in providing drug development and manufacturing solutions. The potential driving of business away from China due to such legislative actions could lead to increased drug development costs.
On BioCentury's latest podcast: Deep concern among biotechs over anti-China bills. Takeaways from a talk with @atlasventure's Bruce Booth. Winning approval in ultrarare diseases with @orchard_tx. With Guests @FishburnSimone @SteveUsdin1 https://t.co/HJC8CgSoj4
Shares of Chinese biotechs WuXi Bio and WuXi AppTec rallied on news that Republican Congressman Mike Gallagher, the sponsor of a bill that would block the companies from US contracts, will quit Congress next month https://t.co/pV9WCH6G0K
On today's show, Stansberry Venture Technology editor Dave Lashmet joins to discuss his bottom-up approach to researching biotech companies. "Only 6% of drugs that start a Phase I trial succeed," he tells @Investor_Hour. Watch Now ➡️ https://t.co/SWFkqzE93z https://t.co/VJ3beG9quB
🗣️ Crescat's Live Market Call delves into macro and activist mining research, emphasizing timely updates on geological progress and advocating for mining investments. @crescatkevin, @TaviCosta and Dr. Quinton Hennigh highlight concerns about overvaluation in US equity markets,…
As WuXi Apptec and other Chinese companies have been targeted by US lawmakers, rival manufacturers have quietly — and not so quietly — used the moment to try and gain market share. From @annajbwn and me. https://t.co/cq3GMAwUK0
Hear my conversation on the state of play in Biotech, with @lifescivc Bruce Booth - always an interesting conversation. Here, open access on @youTube. Biotech Benefiting from Belt-Tightening https://t.co/9u9t9iG25X via @YouTube
22March: How much have shares of @WuXi_AppTec and @WuXiBiologics fallen this year, as both companies and other Chinese biotechs face Congressional scrutiny? Read about them, plus updates on $ENDOPQ, $FUSN, and $SEEL in my latest StockWatch for @GENbio: https://t.co/CI2PG8gTf4
The current @biocentury has extensive coverage of the anti-China biotech bills S. 3558, H.R. 7085 and others, across three articles @FishburnSimone @jeff_cranmer @steveusdin1 BC article retweets to follow...
Shares of WuXi Biologics and its sister company WuXi AppTec gained in Hong Kong after a US lawmaker sponsoring a bill that would block the companies from federal contracts said he will leave the House next month https://t.co/tuh29ZBMep
Wuxi Apptec closed up by 5.7% and Wuxi Bio rose by 7.5% in Hong Kong on Monday after the departure of Mike Gallagher, chairman of the House Select Committee on the Chinese Communist Party, which could slow the legislation’s progress of the Biosecure Act. #China 🇺🇸🇨🇳 https://t.co/vdJYv1OTsK
🗣️ Stansberry Research Editor's Take 🗣️ https://t.co/J4rfWHj9Od
"While it is mostly unknown to Americans, WuXi AppTec represents a crucial part of the drug supply chain, providing…drug development and manufacturing solutions…Driving business away from China would probably drive up drug-development costs." https://t.co/k0aJsGC6a4