MGI divests Complete Genomics as Biosecure looms

MGI will divest Complete Genomics Inc. to Swiss Rockets AG in what appears to be the first sale prompted by the Biosecure Act. MGI is named in the U.S. Department of Defense’s list of Chinese military companies and thus expected to be among biotechs banned from U.S. government contracting under the Biosecure Act, but the administration has yet to implement the law.

BGI Group, the parent company of MGI Tech Co. Ltd. (Shanghai:688114), bought California-based Complete Genomics for $117.6 million in 2012.  Swiss Rockets will pay just $50 million. In its announcement, Swiss Rockets emphasized that Complete Genomics “will continue to operate” in the U.S...