US Commerce Official To Lead Biotech Trade Mission To China, Hong Kong

A senior U.S. Commerce official will lead top biotech companies on a trade mission to Beijing and Hong Kong next month to explore increasing access to China's fast-growing market.

Amgen Inc. (AMGN), Thermo Fisher Scientific Inc. (TMO), and Sanofi (SNY, SAN.FR) unit Genzyme Corp. are among 19 firms that will join the mission scheduled for Oct. 13 to 18.

Francisco Sanchez, Commerce undersecretary for international trade, said he is leading the group to tap into an industry that's growing at a rate of 20% to 25% a year.

"China is considered the most important future market in terms of sales, clinical trial opportunities, and potential investment for U.S. biotech and life science firms," Sanchez said in a statement Wednesday.

Despite China's market potential, U.S. businesses doing business there have cited increasing concerns about lax protection for intellectual property and government pressure for foreign firms to transfer their technologies.

Companies participating in the trip will include not just biotech drug and equipment makers, but architecture firms specializing in biotech facilities. Other companies selected for the mission include Abaxis Inc. (ABAX), Dynavax Technologies Corp. (DVAX) and Fujifilm Diosynth Biotechnologies (4901.TO).

-By Tom Barkley, Dow Jones Newswires; 202-862-9275; tom.barkley@dowjones.com

Abaxis, Inc. (delisted) (NASDAQ:ABAX)
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