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Market impact on Chinese biotech firms post-Biosecure Act by 2024?
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Resolution / Starting Odds
Significant decline in market value • 33%
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House Committee Advances Biosecure Act (HR7085) with 40-1 Vote Targeting Chinese Biotech Suppliers
May 16, 2024, 09:15 AM
The House committee has voted 40-1 to advance the Biosecure Act, which targets Chinese biotech suppliers. The legislation, known as the Biosecure Act (HR7085), aims to restrict US companies from contracting with Chinese biotech providers, including WuXi AppTec, starting from January 31, 2032. This move is part of a broader effort by the United States to reduce China's influence in the biotech supply chain. The bill's progress is being closely watched by the biotech research community, as it could have far-reaching implications across both academia and industry. Big drugmakers are already preparing for the upcoming changes. Stocks mentioned in relation to this development include $XBI and $EVO.
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