WuXi Biologics’ stock slides 24% as manufacturing business slows amid biotech downturn

WuXi Bi­o­log­ics stock has plum­met­ed 24% to the low­est it’s been this year af­ter the Hong Kong stock ex­change closed Mon­day morn­ing, as the man­u­fac­tur­er cites slow­er busi­ness due to biotech fund­ing slow­down.

“Our in­dus­try is go­ing through a tough time,” the com­pa­ny said in an in­vestor pre­sen­ta­tion on Mon­day, due to the chal­leng­ing macro­eco­nom­ic en­vi­ron­ment caus­ing a down­turn in CRD­MO busi­ness­es.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.