7 ASIAN LEGAL BUSINESS – MAY 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS clause, one might expect parties to take advantage of that feature by amending existing agreements rather than entering into new ones, lessening the law’s impact.” WHAT DOES THE BILL SAY ABOUT THE FUTURE U.S. REGULATORY APPROACH? According to co-sponsors of the bill, the BIOSECURE Act aims at addressing concerns stemming from “foreign adversaries’ hostile biotech pursuits”. The act is also meant to stop the PRC government from acquiring American genomic data, as the Chinese military has allegedly invested in advancing their biotech and AI capabilities through joint business ventures with U.S. companies. As a result, lawyers expect Chinese pharmaceutical companies to be targeted with growing oversight around bulk data transfers from the U.S. On the other hand, U.S. pharmaceutical companies will also want to ensure that their arrangements with Chinese contract parties do not require them to transfer sensitive personal information or biometric data. In addition, McIntosh and Kimmel believe the White House will DEALS $2.4 BLN Ono Pharmaceutical’s acquisition of Deciphera Deal Type: M&A Firms: Goodwin Procter; Greenberg Traurig Jurisdictions: Japan, U.S. $2.3 BLN DoubleDragon’s merger with JVSPAC Acquisition Corporation Deal Type: M&A Firms: Allen & Gledhill; Dahui Lawyers; Loeb & Loeb; Milbank Jurisdictions: Hong Kong, Philippines, Singapore, U.S. $2.15 BLN Vodafone Idea’s further public offering Deal Type: ECM Firms: AZB & Partners; Cyril Amarchand Mangaldas; S&R Associates; Sidley Austin Jurisdiction: India $2 BLN China TCM’s take-private Deal Type: M&A Firms: Clifford Chance; Haiwen & Partners Jurisdictions: China, Hong Kong $1.25 BLN Mapletree Investments’ acquisition of student housing from Cuscaden Peak Investments Deal Type: M&A Firms: Carey Olsen; CMS; Dentons; Eng and Co Jurisdictions: Germany, Singapore, UK $1.13 BLN SciClone Pharmaceuticals’ take-private Deal Type: M&A Firms: Clifford Chance; Slaughter and May Jurisdictions: China, Hong Kong $1 BLN GIC and Sterlite Power’s JV Deal Type: JV Firms: AZB & Partners; Khaitan & Co; Shardul Amarchand Mangaldas & Co Jurisdictions: India, Singapore $595 MLN Consortium’s purchase of stake in Eu Yan Sang International Deal Type: M&A Firms: Christopher & Lee Ong; Lee & Lee; Rajah & Tann; WongPartnership Jurisdictions: China, Japan, Malaysia, Singapore continue to pursue a data-oriented regulatory approach restricting foreign adversaries’ potential access to American data. “Looking ahead, one could imagine future legislative and regulatory attention focusing on any industry that both has access to sensitive personal or genomic information of U.S. citizens (such as healthcare, health insurance, life sciences, social media and technology, telecom, and financial services) and is characterized by interdependencies with Chinese companies,” say McIntosh and Kimmel.
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