Biotech Firm Discloses Possible China Export Breach to BIS
Pacific Biosciences of California, an American biotechnology firm, said it recently informed the Bureau of Industry and Security about possible export violations involving China.
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The company "received inquiries" from BIS in April about a "distributor based in Hong Kong and that distributor's customer located in China," it said in an August SEC filing. After Pacific Biosciences reviewed its China sales, the company submitted a voluntary self-disclosure to BIS in May "related to a limited number of transactions," it said. "BIS is in the process of reviewing the information presented."
If the company is "found to be in violation of U.S. economic sanctions or export control laws, it could result in fines and penalties," it said. "We may also be adversely affected through other penalties, business disruption, reputational harm, loss of access to certain markets, or otherwise."