China’s WuXi explores sale of pharma operations as US restrictions loom, FT reports
5:49 am Thursday, October 03rd, 2024
(Reuters) -WuXi AppTec and WuXi Biologics are planning to sell some of their operations after the Chinese biotech companies were targeted by the U.S. on national security grounds, the Financial Times reported on Thursday.
WuXi AppTec has put its cell and gene therapy manufacturing unit WuXi Advanced Therapies, which operates four laboratories and manufacturing facilities in Philadelphia, up for sale, the newspaper reported, citing people familiar with the matter.
WuXi Biologics is working with advisers to test interest in some of its European production facilities, FT said.
Wuxi AppTec and Wuxi Biologics did not immediately respond to a Reuters request for comment.
The U.S. House of Representatives passed a bill last month aiming to restrict business with China’s WuXi AppTec and several other biotech companies on national security grounds.
The bill was passed by 306 to 81 votes, topping the two-thirds majority needed, following which it must pass the U.S. Senate before it can be sent to President Joe Biden to be signed into law.
China’s foreign ministry has described the bill as “discriminatory”, saying that the U.S. should stop making “excuses” to suppress Chinese enterprises.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sonia Cheema)
