Birks Group Inc.

March 13 (Reuters) - A Washington-based global trade association representing biotechnology companies is taking steps to "separate" from Chinese member Wuxi AppTec 603259.SS, according to a letter from its new CEO on Wednesday.
The Biotechnology Innovation Organization (BIO) also said it would support proposed legislation that restricts U.S. business with WuXi AppTec and other biotech companies of concern, changing its position from last month.
A U.S. Senate committee voted to approve a bill last week that could prohibit federal agencies from contracting with Wuxi AppTec and other Chinese biotech companies on national security grounds. A companion bill was introduced in the House in January.
BIO has an "unwavering commitment to the national security of the United States and our allies," John Crowley, who became BIO's CEO and president last week, said in the letter to Representative Michael Gallagher, chair of the select committee on China in the U.S. House of Representatives.
Last month, then BIO CEO Rachel King wrote a letter urging the committee to reconsider the proposed legislation, and took issue with companies being named in it.
WuXi AppTec did not immediately respond to a request for comment. It has said the bill "relies on misleading allegations and inaccurate assertions."
(Reporting by Karen Freifeld; Editing by Jamie Freed)
((karen.freifeld@thomsonreuters.com; +1(646) 223-6921;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Biotech trade association to split with China's WuXi AppTec

March 6 (Reuters) - A bill in the U.S. Senate that would restrict business with China's BGI, WuXi Apptec 603259.SS and other biotech companies on national security grounds faces its first big test in Congress on Wednesday.
The draft legislation, which is designed to keep Americans' personal health and genetic information from foreign adversaries, will be discussed in a committee meeting and could be changed and either moved forward for a vote or held back for more discussion.
The bill has spurred deep concern among investors, driving a sell-off in the shares of WuXi AppTec when news of its introduction first reached Chinese markets last month.
As currently written, it would prohibit federal agencies from contracting with China's BGI, MGI, Complete Genomics, WuXi AppTec, their affiliates and other biotechnology companies deemed of concern. It would also stop the government from entering contracts with companies that use their equipment or services.
But when members of the Homeland Security and Governmental Affairs Committee meet on Wednesday to mark up the bill, it is possible one or more company names could be stripped from the text.
The companies have denied they pose any security threats.
The committee expects the bill to move forward on a bipartisan basis, an aide for Senator Gary Peters, chair of the Homeland Security and Governmental Affairs Committee said.
A companion bill introduced in the House in January accuses BGI, a genomics company, of posing a threat to U.S. national security through its collection of genetic data. It describes MGI and Complete Genomics as subsidiaries and affiliates.
WuXi Apptec, which provides R&D and manufacturing services to the pharmaceutical and healthcare industry, allegedly has ties to the Chinese military, according to the House version of the bill.
The companies have said the proposed legislation contains false, misleading and unfounded allegations.
Rick Connell, WuXi Apptec's chief operating officer for the U.S. and Europe, said the company was closely monitoring the markup.
"We are confident that upon considering the facts, lawmakers will understand that WuXi AppTec does not pose a national security risk," Connell said, and is "a trusted partner to customers in the U.S. and around the world."
San Jose, Calif.-based Complete Genomics said there is no basis for its inclusion in the bill. It makes genomic sequencing instruments but said it does not have access to or collect genetic data. It is a subsidiary of MGI, a publicly traded company in Shenzhen, and has said the two companies are no longer subsidiaries of any other entity.
BGI Group said it supports the bill's premise of protecting Americans' personal data, but that it does not have access to that data. It said the legislation will "drive BGI out of the U.S." and limit competition.
Once it moves out of committee, the bill must pass in both the full Senate and the House, and then needs be signed by the president.
(Reporting by Karen Freifeld; Editing by Stephen Coates and Chizu Nomiyama)
((karen.freifeld@thomsonreuters.com; +1(646) 223-6921;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

US Senate committee takes up bill targeting China's BGI, WuXi Apptec

By Michael Martina
WASHINGTON, Feb 12 (Reuters) - The U.S. should review Chinese biotech firm WuXi AppTec and its affiliate WuXi Biologics for sanctions, a bipartisan group of lawmakers told top Biden administration officials on Monday.
In a letter dated Feb. 12 and seen by Reuters, the lawmakers told Treasury Secretary Janet Yellen, Defense Secretary Lloyd Austin and Commerce Secretary Gina Raimondo that the global pharmaceutical giant's links to China's Communist Party and military threatened U.S. national security.
The letter, signed by the Republican chair and Democratic ranking member of the House select committee on China, Representatives Mike Gallagher and Raja Krishnamoorthi, and Senators Gary Peters and Bill Hagerty, is Congress' latest effort to highlight what it says are risks posed by China's biotech leaders.
Congress has introduced legislation that would restrict federally-funded medical providers from allowing China's BGI Group, WuXi AppTec and other biotech firms from getting genetic information about Americans.
WuXi AppTec did not respond immediately to a request for comment, but has repeatedly said that it is not a national security risk to any country.
"We are concerned by a misguided U.S. legislative initiative to target our company without a fair and transparent review of the facts," WuXi AppTec said previously in a statement still on its website home page.
The four lawmakers – citing public Chinese government documents, Chinese university websites and media articles – outlined what they called WuXi AppTec's clear military ties, as well as support for China's policies in Xinjiang, a region where Washington has accused Beijing of committing genocide against Muslim minorities.
They said WuXi AppTec had received investment from numerous PLA funds, including the AVIC Military-Civil Integration Selected Hybrid Securities Investment Fund.
They also cited a resume for WuXi Biologics CEO Chen Zhisheng, posted in 2018 to a Tsinghua University website, that listed him as a visiting professor at China's Academy of Military Medical Sciences, which was added to the Commerce Department's export control list in 2021.
"Given WuXi AppTec's clear ties to the CCP and the PLA and its likely role in enabling the genocide in Xinjiang, we urge your departments to consider the inclusion of WuXi AppTec and its subsidiaries on your respective control lists," they said in the letter.
Those should include sanctions under Treasury's Non-SDN Chinese Military-Industrial Complex Companies List, the Commerce list restricting U.S. sales to named entities and the Pentagon's "1260H" list, which carries implicit warnings about U.S. cooperation with certain firms.
"WuXi AppTec and WuXi Biologics have obscured their ties to the CCP and PLA and, as a result, are rapidly integrating themselves into U.S. supply chains by signing agreements with prominent U.S. biotech entities," the lawmakers wrote.
The two companies have counted Pfizer PFE.N, AstraZeneca AZN.L, GlaxoSmithKline GSK.L, and U.S. national labs as partners.
(Reporting by Michael Martina, editing by Deepa Babington)
((michael.martina@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

US lawmakers call for sanctions on China's WuXi AppTec biotech firm

Jan 26 (Reuters) - A congressional committee focused on China has introduced a bill that would restrict federally funded medical providers from allowing China's BGI Group, WuXi Apptec 603259.SS and other biotech companies from getting genetic information about Americans.
The House select committee on China, led by Republican congressman Mike Gallagher, said the legislation unveiled on Thursday is aimed at BGI Group and its subsidiaries MGI and Complete Genomics, along with WuXi Apptec, according to a statement.
Shares of Wuxi Apptec fell 10% in trading in China following news of the bill overnight. The company said on Friday that company-related content in a proposed U.S. legislation on bio-security is not appropriate or accurate.
The company is "closely watching" the development of the bill, it said in a filing to Shanghai bourse, adding that its business development will not pose any security risk for any country.
BGI Group said in a statement that it supports protecting personal data, but the legislation "which will effectively drive BGI from the U.S. market will not accomplish this goal." The company added that in the U.S. it does not collect patient samples or have access to personal or genetic data.
"Closing this loophole is the first step in protecting the American bioeconomy and our national security, and ensuring our genomic data is kept safe and secure,” said Democratic committee member Raja Krishnamoorthi.
The legislation would establish a framework to prevent U.S. taxpayer dollars going to biotech entities of concern, he added.
It would restrict the government's Medicare and Medicaid health programs from using BGI, which would slash its market in the U.S., a person briefed on the bill said.
Units of BGI Group appear on a U.S. Department of Commerce export control list over allegations that they pose a "significant risk" to contributing to Chinese government surveillance.
Reuters also has reported that BGI was collecting genetic data from millions of women for sweeping research on the traits of populations, and collaborates with China's military.
(Reporting by Karen Freifeld Editing by Bill Berkrot)
((karen.freifeld@thomsonreuters.com; +1(646) 223-6921;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

US House bill would curb genetic info sharing with China's Wuxi Apptec, BGI

(RTTNews) - Birks Group Inc. (BGI) reported that its comparable store sales for the fiscal year 2024 holiday period increased by 3.0% as compared to the same period in the prior year. The increase in comparable store sales in the holiday period was mainly attributable to the performance of both branded watches and Birks Fine Jewellery.
Net sales for the 8 week period ended 30th December, 2023 increased 8.1% compared to the prior year. The increase in net sales was driven primarily by a strong sales performance in the retail sector where third-party branded watches outperformed the sales during the comparable period in fiscal year 2023, the greater performance of Chinook and Laval stores which were renovated in 2023, and e-commerce sales growth.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
Net Worth	0.02 0.88
Quick Ratio	0.12 0.91
Current Ratio	0.92 1.44

Indicator	TTM Median
EPS	0.00 0.44
EPS Forecast	0.00 0.42

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