China's Fosun pulls back from U.S. biotech scene

Fosun is pulling back from the U.S. biotech sector in response to the escalating trade war with China. The Chinese conglomerate has struck deals with Kite Pharma, Revance Therapeutics and other U.S. biotechs in the past but now plans to limit its activities in the country.Talking to Bloomberg, Kevin Xie, who oversees Fosun’s healthcare investments outside of China, set out how the standoff between government leaders at the two global powers has affected his work.Trade friction has impacted our investments in the U.S., but not to the extent of stopping all deals,Xie said. Companies in the U.S. still welcome investments and are willing to work with us, so we are making some changes in the wiggle room allowed under the law.