0327 GMT - Wuxi Biologics' disposal of its Ireland vaccine site will likely help with cash flow, Nomura research analyst Jialin Zhang writes, adding that the move would better prepare the company for global economic uncertainties. The $500 million sale of the facility to Merck will also help streamline Wuxi Bio's core business, Zhang says. The overseas facility was proving to be a financial challenge for the company, with no control over the dynamics of supply and demand in both domestic and overseas markets, Zhang adds. Concerns over demand were likely the primary reason behind the sale rather than geopolitical concerns, Zhang adds. Nomura maintains a buy rating for the stock, with a target price of HK$19.30. Shares are 3.9% lower at HK$15.96. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
January 06, 2025 22:27 ET (03:27 GMT)
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