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China’s WuXi AppTec has signed an agreement to sell its gene therapy manufacturing arm, WuXi Advanced Therapies, to U.S.-based Altaris LLC, following mounting restrictions on Chinese firms in the United States over national security concerns. The deal also includes Oxford Genetics in the UK.
WuXi AppTec Sells Gene Therapy Unit Amid US Restrictions
The Chinese company WuXi AppTec announced on Tuesday that its subsidiaries have inked a contract with the private equity firm Altaris LLC, which is based in the United States, for the sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for an amount that has not been disclosed.
Due to worries regarding national security, the corporation, along with other Chinese businesses, has been at the focus of new regulations that have been enacted in the United States with the intention of restricting their businesses in the United States, Investing.com shares.
US Legislation Targets Chinese Companies Over National Security Concerns
In September, the House of Representatives of the United States of America enacted a bill that would bar the federal government from entering into contracts with specified companies and those that do business with those companies.
The laws are intended to protect the personal health and genetic information of Americans from foreign adversaries.
Shift in US Pharma and Biotech Supply Chains
Additionally, they intend to encourage pharmaceutical and biotechnology businesses in the United States to reduce their reliance on China for a variety of activities, including the manufacturing of medicinal ingredients and early research.
The United Kingdom-based operating company of the WuXi ATU business, Oxford Genetics, will be sold to Altaris LLC, according to a statement made by WuXi.
Altaris declined to comment further than the information that was provided, while WuXi AppTec did not react to a request for comment made by Reuters by the company.
