WuXi shares take a hit as BIO reverses position on anti-China legislation

In the latest development in the anti-China legislation seeking to prevent biotech companies from working with Chinese CMDOs and genomics companies, BIO’s withdrawal of its opposition to the Biosecure Act sent shares of WuXi AppTec and WuXi Biologics down12% and 13%, respectively, on Thursday.

Since Jan. 19, before the Biosecure Act was introduced, WuXi AppTec Co. Ltd. (Shanghai:603259; HKEX:2359) and WuXi Biologics Inc. (HKEX:2269) have each lost about 43% in market capitalization. For WuXi AppTec that translates to over HK$100 billion ($12.8 billion) in lost value; its market cap now sits at about HK$167 billion...