Business
WuXi AppTec and WuXi Biologics Enjoy Surge in Hong Kong Market Amid Plans to Sell Overseas Operations
WuXi AppTec and WuXi Biologics experience a significant increase in Hong Kong due to some biotech companies putting their operations up for sale. The rise was due to a report stating that these two companies intend to sell off some foreign operations in response to intensified scrutiny from the US.
Shares of WuXi AppTec ended Friday with an increase of nearly 12% at HK$67.10, and its subsidiary, WuXi Biologics, saw its shares ascend by almost 15% to HK$21.45.
The Financial Times, referencing sources knowledgeable about the situation, reported on Thursday that WuXi AppTec has decided to sell its cell and gene therapy division, WuXi Advanced Therapies. This division, which runs four labs and production centers in Philadelphia, Pennsylvania, has contributed to their recent financial growth.
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