WuXi Bio, AppTec Jump as Biosecure Act Leader Quits Congress

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WuXi Biologics and WuXi AppTec are already past the “worst case scenario,” Bernstein China pharma and biotech senior research analyst Rebecca Liang said

(Bloomberg) — Shares of WuXi Biologics Cayman Inc. and its sister company WuXi AppTec Co. gained in Hong Kong after a U.S. lawmaker sponsoring a bill that would block the companies from federal contracts said he will leave the House next month.

WuXi Biologics and WuXi AppTec rose 7.7% and 4.9% in Hong Kong, respectively, after Republican Congressman Mike Gallagher, chairman of a high-profile select committee on China, said he will quit Congress. Both stocks have lost more than 50% so far this year and are the two worst performers on the MSCI China Index.