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A key Republican congressman asked the Trump administration to restrict the stream of money into China’s biotech sector, threatening to squelch the dealmaking that’s become big business for some US investment companies and large pharma.
Rep. John Moolenaar (R-MI) told Treasury Secretary Scott Bessent in a letter Thursday that the department should add biotechnology to one of the sectors prohibited from receiving outbound US investment under the COINS Act. Signed in December 2025, the law restricts certain technologies in China, and other select countries, from receiving US dollars.
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