News summary
WuXi AppTec responded to the U.S. House Oversight and Accountability Committee's approvalhltbcrash4the Hhltbcrash4.Rhltbcrash4.8333 Draft issued a statementhltbcrash4, emphasizing that the company poses no risk to national security, has no human genomics business, and has never been sanctioned by the U.S. government. Draft H.R. 8333 removes inappropriate allegations against WuXi AppTec and may introduce a "grandfather" clause, which will affect market investors.
Newsletter text
[WuXi AppTec issued a clarification announcement to pay attention to the progress of draft U.S. legislation] WuXi AppTec recently issued an announcement to clarify draft legislation H.R. 8333 passed by the U.S. House Oversight and Accountability Committee. On May 15, the committee voted to pass draft H.R. 8333, which is a revised version of the previous draft H.R. 7085 Biosafety Law. The draft removed the allegations against WuXi AppTec and added a non-retroactivity clause. WuXi AppTec strongly opposes retaining it in the definition of "biotechnology company of concern" in draft H.R. 8333, arguing that this definition is without due process and unreasonable. The company said its business has never posed a national security risk and has not been sanctioned by U.S. government agencies. In addition, WuXi AppTec reiterated that the company is not involved in human genomics business, and its existing business does not involve the collection of human genome data. Previously, WuXi AppTec has repeatedly clarified relevant matters mentioned in the draft US legislation. Regarding the future development of draft H.R.8333, WuXi AppTec stated that it will continue to cooperate with consultants and communicate with relevant parties. The content of this draft and draft S.3558 still needs further review and possible changes. As of the close of May 16, WuXi AppTec's A-share price was 45.22 yuan/share, and the Hong Kong stock price was 41.3 Hong Kong dollars/share. Investors need to pay attention to the potential impact of the progress of draft legislation on the company's share price.
