Genscript Biotech says Chinese customs raided offices, shares at 20-month low

Genscript Biotech Corp said customs raided its offices in China in connection with an investigation into suspected violations of import and export regulations, sending the firms’ shares plummeting to a 20-month low. The Jiangsu-based biotech firm said China’s Customs Anti-Smuggling Department raided its offices in Nanjing and Zhenjiang, and its Chairman Fangliang Zhang is under “residential surveillance”, while four other employees have been detained for questioning. “The group’s business operations remain normal. The company has taken legal advice as appropriate,” Genscript said, adding it will assist authorities with the investigation, if required. No charges has been filed against any entity…