U.S. House Advances Biosecure Act with 40-1 Vote to Restrict WuXi AppTec, Chinese Biotech Firms

May 15, 2024, 11:33 AM

The U.S. House of Representatives is advancing the Biosecure Act, a significant piece of legislation aimed at restructuring the U.S. pharmaceutical industry by restricting ties with Chinese biotech firms. The bill targets five key Chinese research firms, including WuXi AppTec and BGI, and mandates that dozens of biopharma companies cut ties with these suppliers by 2032. The House Oversight Committee voted 40-1 to advance the bill, which is now scheduled for a committee vote. The legislation could have substantial implications for U.S. biotechs and the future of pharmaceutical development and manufacturing in the country. Stocks affected include $XBI and $EVO.