Stock Markets
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
By Karen Freifeld
(Reuters) -A new version of a congressional bill that would restrict U.S. business with certain Chinese biotechnology companies including WuXi AppTec and BGI would give U.S. companies until 2032 to end work with the firms, extending the amount of time to find new partners.
The latest Biosecure Act also adds WuXi Biologics (HK:) to a list of biotech companies of concern, according to a copy seen by Reuters. The other companies on the list are BGI , MGI, Complete Genomics and WuXi AppTec .
The revised bill will be introduced on Friday and a U.S. House of Representatives committee is expected to decide next week whether to move the bill forward, according to a House Committee on Oversight and Accountability spokesperson.
The committee markup, expected Wednesday, is a procedural step in the process to the bill’s possibly becoming law. A similar Senate bill was approved by a committee there in March.
The bills are designed to keep Americans’ personal health and genetic information from foreign adversaries. News of the proposed legislation has driven WuXi AppTec and WuXi Biologics shares down this year.
A spokesperson for WuXi Biologics said they had not yet seen the revised bill and could not comment. WuXi AppTec and MGI did not immediately respond to requests for comment.
Complete Genomics said it is “encouraged that policymakers understand the detrimental impacts to the U.S. biotech supply chain – and how the legislation would jeopardize the drug supply for millions of American patients.” It said it does not have access to personal DNA data and should be removed from the legislation.
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The latest bill “highlights a key vulnerability in our global supply chain and importantly provides a reasonable timeframe for companies to decouple their reliance on China-based biomanufacturing,” John Crowley, president of BIO, an industry association, said in a statement.
The association sent the results of a survey of member companies to congressional contacts on Wednesday. Of the 124 biopharmaceutical companies and biotechnology companies that responded, 79 percent had at least one contract or product agreement with a China-based or owned manufacturer.
The “vast majority” of business described in the survey is assumed to be with WuXi Biologics and WuXi AppTec, Crowley said in an interview.
Companies estimated it would take up to eight years to switch manufacturing partners, the survey found.
WuXi AppTec has said it fully complies with the strict reporting, oversight and inspection requirements of its customers and U.S. federal agencies.
BGI Group said, as it has in the past, that it supports protecting Americans’ personal data and did not have access to the data. It said the bill would drive BGI out of the U.S. and limit competition and that a U.S. company had been lobbying on it.
“This legislation will give a single company total control of the U.S. market, resulting inevitably in higher prices and reduced choice,” Complete Genomics added.
Stock Markets
ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages Five9, Inc. Investors to Secure Counsel Before Important February 3 Deadline in Securities Class Action – FIVN
New York, New York–(Newsfile Corp. – January 26, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities, including call options, of Five9, Inc. (NASDAQ: NASDAQ:) between June 4, 2024 and August 8, 2024, both dates inclusive (the “Class Period”), of the important February 3, 2025 lead plaintiff deadline.
SO WHAT: If you purchased Five9 securities or call options during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Five9 class action, go to https://rosenlegal.com/submit-form/?case_id=32046 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 3, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Five9’s net new business was not “strong irrespective of the macro” and was, in fact, hampered by macroeconomic issues such as constrained and scrutinized customer budgets; (2) Five9 was in the midst of a challenging bookings quarter due, in part, to sales execution and efficiency issues, and Five9 was not “seeing very strong bookings momentum”; and (3) defendants did not have “enough information in terms of [their] existing customers that are going live” such that the statements that Five9 would see a positive inflection in its dollar-based retention rate lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Five9 class action, go to https://rosenlegal.com/submit-form/?case_id=32046 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238378
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