U.S. drugmakers and biotechs rely on Chinese partners for manufacturing, research, and ingredients, but, with geopolitical tensions rising, companies are now looking for alternatives, Jared Hopkins and Clarence Leong of The Wall Street Journal reports. Pharmaceutical and biotechnology companies of all side are saying it’s time to reduce China risk. Industry officials, however, note one consequence of this move may be slower drug rollouts and higher costs in the U.S. Companies making this move include AstraZeneca (AZN), Kymera Therapeutics (KYMR), Amicus Therapeutics (FOLD), Vir Biotechnology (VIR), Alnylam Pharmaceuticals (ALNY), Invivyd (IVVD).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AZN:
- AstraZeneca reports China President currently under investigation
- AstraZeneca’s Fasenra approved in EU for EGPA
- Eccogene receives milestone payment of $60M from AstraZeneca
- CytoSorbents announces FDA has accepted De Novo medical device application
- Ionis Pharmaceuticals announces CHMP recommends approval for Wainzua