WuXi Firms Face U.S. Pressure, Plan Asset Sales Amid Security Concerns

WuXi AppTec and WuXi Biologics are selling parts of their operations after facing U.S. security scrutiny. WuXi AppTec plans to sell its cell and gene therapy unit in Philadelphia, while WuXi Biologics explores selling some European facilities. The move follows U.S. legislative efforts to limit business with these Chinese biotech firms.

Chinese biotech companies WuXi AppTec and WuXi Biologics are planning to divest portions of their operations due to heightened U.S. national security concerns, according to a report by the Financial Times.

WuXi AppTec has placed its Philadelphia-based cell and gene therapy manufacturing unit, WuXi Advanced Therapies, on the market. Meanwhile, WuXi Biologics is seeking interest in its European production facilities, as advised by experts.

The move comes after a bill restricting U.S. business dealings with WuXi and other Chinese biotech firms passed the House of Representatives by a significant majority. The legislation now heads to the Senate, despite criticism from China's foreign ministry labeling it as discriminatory.

(With inputs from agencies.)