U.S. House passes Biosecure Act, labels WuXi AppTec and Biologics as "biotech concerns," restricting gov't contracts and requiring Senate approval.
The U.S. House of Representatives has passed the Biosecure Act, labeling China-based biotech firms WuXi AppTec and WuXi Biologics as "biotechnology companies of concern." The bill aims to restrict U.S. government contracts involving these companies, citing national security risks, which both firms deny. Following the announcement, their stock prices fell. The legislation still requires Senate approval and seeks to limit American reliance on Chinese biotech.
September 10, 2024
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