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Biotech Trade Group Will Support a US Bill Limiting China Ties.
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The world's largest trade group for the biotechnology industry, BIO, has announced its support for the US Biosecure Act, which aims to sever ties with certain Chinese healthcare companies, including WuXi AppTec Co., due to their alleged connections to the Chinese government. BIO is taking steps to separate from WuXi AppTec in terms of membership. The bill prohibits federally funded institutions from contracting with biotech companies deemed to be a "foreign adversary." This announcement has had an impact on WuXi's stock price, but it was not unexpected given the bipartisan support for the bill. [Extracted from the article]