Bill seeks to drive China biotechs out of U.S.

The introduction of the Biosecure Act, legislation aimed at preventing BGI, MGI, WuXi AppTec and their affiliates from operating in the U.S., sent their shares falling Friday.

The bill, H.R. 7085, asserts that BGI Genomics Co. Ltd. (SZSE:300676), MGI Tech Co. Ltd. (Shanghai:688114) and WuXi AppTec Co. Ltd. (Shanghai:603259; HKEX:2359) collaborate with Chinese military and intelligence agencies and pose national security threats to the U.S. In addition to the three companies and their affiliates and subsidiaries, H.R. 7085 could apply to other Chinese biotech companies operating in or doing business with the U.S. government or organizations that receive funding from the U.S. government...