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Gallagher resignation wind in WuXi’s sails

DATA GRAPHICS | Data Byte

Shares of WuXi AppTec, WuXi Biologics rise amid latest twist in story of anti-China bills, but remain well below January levels

By Jeff Cranmer, Executive Edtior

March 26, 2024 1:02 AM UTC

The resignation of the U.S. lawmaker championing legislation that aims to rein in Chinese CDMOs and genomics companies sent shares of WuXi AppTec and WuXi Biologics higher on the Hong Kong stock exchange Monday, as investors bet the decision by Rep. Mike Gallagher would slow the momentum of the Biosecure Act in the House of Representatives.

Shares of  WuXi AppTec Co. Ltd. (Shanghai:603259; HKEX:2359) rose 5% for a gain of $680 million in market cap, while WuXi Biologics Inc. (HKEX:2269) rose 8%, gaining $530 million in value. …