RE:RE:RE:RE:RE:RE:RE:USA Inflation Reduction Act (IRA) 2022 Re: Biotech and China In the latest letter to US Commerce Secretary and Defense Secretary, lawmakers said the firms are together becoming an industry giant that threatens US intellectual property and national security.
While WuXi AppTec said its business won’t pose security risks to any country, both stocks have suffered an intense selloff since last month. The Shanghai-based pharmaceuticals company said in a filing Tuesday that it has passed US government reviews in the past and “has always welcomed regulatory oversight,” adding the allegations by the lawmakers are inaccurate and misleading.
[ Interestingly WuXiAppTec has used the same argument that the CEO of TicToc had used in defending its footprint in the United Statres ]
https://www.bnnbloomberg.ca/wuxi-apptec-wuxi-bio-slump-as-us-lawmakers-seek-formal-probe-1.2034555