WuXi Biologics Plunges on Concerns over Cooling Biotech Market

What’s New: WuXi Biologics Cayman Inc., a leading Chinese medical contract research and manufacturing company, plunged 23.8% in Hong Kong on Monday morning after the company warned of a weaker-than-expected business performance.

In a business update released Monday, WuXi Biologics stated it is likely to miss its annual growth target due to weaker biotech funding, sliding Covid-19 related incomes and a broader industry slowdown.