China’s WuXi to sell Advanced Therapies unit amid US restrictions By Reuters


(Reuters) – China’s WuXi AppTec said on Tuesday that its subsidiaries have signed an agreement with US-based private equity firm Altaris LLC for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for a an undisclosed amount.

The company, along with other Chinese companies, is at the center of new US laws aimed at restricting their businesses in the United States due to national security concerns.

The US House of Representatives passed a bill in September that would ban federal contracts with targeted companies and those who do business with them.

The tariffs are designed to hide Americans’ personal health and genetic information from foreign adversaries and are aimed at pushing US pharmaceutical and biotech companies to reduce their reliance on China for everything from manufacturing to drug ingredient to early research.

© Reuters. FILE PHOTO: The logo of Chinese drug research and development group WuXi AppTec is displayed next to its company's website, in this illustration photo taken on February 5, 2024. REUTERS/Florence Lo/Illustration/File Photo

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

Altaris declined to comment beyond the details provided while WuXi AppTec did not respond to a Reuters request for comment.





Source link

  • Related Posts

    UK’s Starmer says ex-Prince Andrew should testify before Congress about Epstein relationship

    UK’s Starmer says ex-Prince Andrew should testify before Congress about Epstein relationship Source link

    Zedge (ZDGE) Deepens Shareholder Focus

    Zedge, Inc. (NYSEAMERICAN:ZDGE) is included among the 13 companies that have just started paying dividends. From buybacks to dividends: Zedge (ZDGE) deepens shareholder focus On October 14, Zedge, Inc. (NYSEAMERICAN:ZDGE)…

    Leave a Reply

    Your email address will not be published. Required fields are marked *