WXXWY - Congressional Scrutiny Intensifies On Chinese Biotech Firms: WuXi AppTec Faces Biotech Exodus | Benzinga
Amid the ongoing scrutiny from Congress, WuXi AppTec and its affiliates face another setback as the Biotechnology Innovation Organization (BIO), a U.S. industry lobbying group, severs ties with the Chinese biotech.
This decision comes in response to the mounting concerns raised by two bills targeting Chinese biotech firms circulating in Congress, reflecting escalating tensions over national security issues.
The Biotechnology Innovation Organization, boasting a membership roster including industry titans such as Eli Lilly And Co (NYSE:LLY), Merck & Co Inc (NYSE:MRK), and Johnson & Johnson (NYSE:JNJ), announced its dissociation from WuXi AppTec as part of its efforts to align with U.S. national-security priorities.
Additionally, BIO pledged support for the Biosecure Act, a draft legislation ...