White House orders list biotech as concern for inbound, but not outbound, investments

President Joe Biden’s Aug. 9 executive order limiting investment of U.S. capital into Chinese technologies steers clear of biotech, suggesting either a strategic pivot since last year’s order on inbound investments, or a different level of concern for outbound versus inbound deals in the sector.

The order declares a national emergency and calls on the Secretary of the Treasury to issue rules about outbound investment in Chinese semiconductors and microelectronics, quantum information technologies and artificial intelligence sectors — in some cases prohibiting financings, and in others requiring advanced notice of transactions...