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The U.S. Senate Homeland Security Committee passed a bill that may restrict business dealings with Chinese biotech companies such as BGI and WuXi AppTec on the grounds of national security. The bill aims to prevent foreign countries from obtaining Americans’ personal health and genetic information.
This caused serious concern among investors, and WuXi AppTec’s shares sold off last month. The bill passed committee votes but still needs approval from the House and Senate and the president. The bill would prohibit federal agencies from contracting with companies such as BGI, which deny posing a security threat. Biotech innovation groups called for the bill to be reconsidered, saying the allegations were false and misleading.
(Source: Reuters Image source: freepik)
