WuXi Bio, AppTec Jump as Biosecure Act Leader Quits Congress
- Republican Congressman Gallagher to leave Congress mid-April
- Stocks are already past ‘worst-case scenario,’ Bernstein says
Shares of WuXi Biologics Cayman Inc. and its sister company WuXi AppTec Co. gained in Hong Kong after a US 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.