U.S. Removes Chinese Biotech Subsidiary From ‘Unverified List’
The U.S. government has removed a leading Chinese pharmaceutical contract manufacturer, Wuxi Biologics Co. Ltd., from a list of entities that U.S.-based firms need to jump through extra hoops to trade with.
The firm’s sister company, Wuxi Biologics (Shanghai) Co. Ltd., will remain on the list for the foreseeable future.
The changes were revealed by the U.S. Federal Register in a document scheduled to be officially published on Oct. 13, but effective from Oct. 7. The news helped give the firm’s U.S. over-the-counter shares a boost of 6.64% by close on Friday, but the Hong Kong-listed stock was down 2.49% on Monday.
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