US Intelligence Claims Chinese Pharma Giant Illegally Shared Secrets With Beijing
Portfolio Pulse from Benzinga Neuro
U.S. intelligence officials have accused WuXi AppTec Co Ltd (OTC:WXIBF), a Chinese pharmaceutical company, of illegally transferring U.S. intellectual property to Beijing. This revelation was made during a classified briefing to senators, amid broader concerns over Chinese companies' involvement in activities against U.S. national security interests. WuXi AppTec denies the allegations, emphasizing their commitment to safeguarding client data. The U.S. is considering legislation to restrict government funds to Chinese firms engaged in such activities.
March 28, 2024 | 7:13 am
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WuXi AppTec Co Ltd is accused by U.S. intelligence of unauthorized transfer of U.S. IP to Beijing, raising concerns over national security and the company's operations.
The direct accusation by U.S. intelligence agencies against WuXi AppTec for unauthorized IP transfer to Beijing significantly impacts the company's reputation and could lead to regulatory scrutiny, affecting investor confidence and potentially its stock price in the short term.
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