(Yicai) Oct. 8 -- WuXi AppTec, a Chinese biotech firm named by the proposed US Biosecure Act that would prevent US federal agencies from doing business with it, said the company still has not decided whether to sell its cell and gene therapy business.

WuXi AppTec has not come to any decision about WuXi Advanced Therapies and is still assessing options for the subsidiary in the best interests of its staff and patients who need essential and life-saving treatments, the Shanghai-based firm said today, the first day back at work after China’s National Day holiday that started on Oct. 1.

The Financial Times newspaper reported on Oct. 3 that WuXi AppTec has put WuXi Advanced Therapies up for sale. Talks have been underway for several months, with competing contract manufacturers approached about acquiring part or all of the assets, the report said, citing people familiar with the matter.

WuXi Advanced Therapies mainly develops, manufactures, and commercializes cell and gene therapies and other high-end treatments. It has four laboratories and manufacturing bases in the US city of Philadelphia.

On Sept. 9, the US House of Representatives voted 306 to 81 to pass the Biosecure Act, a bill prohibiting federal agencies from doing business with Chinese biotech companies, including WuXi AppTech, over concerns about potential security risks. The bill still needs to pass the US Senate before being signed into law by the president.

The legislation has severely impacted WuXi Advanced Therapies’ business. In the first half of the year, its revenue shrank nearly 20 percent to CNY574.5 million (USD81.4 million), mainly because of fewer orders after the first draft of the Biosecure Act was released in January.

Shares of WuXi AppTec [SHA: 603259] closed 10 percent higher at CNY57.60 (USD8.17) each in Shanghai today. The company’s Hong Kong-listed stock [HKG: 2359] plunged 16.9 percent to HKD57.35 (USD7.38).

Editor: Futura Costaglione