By Yifan Wang

Shares of Wuxi Biologics (Cayman) Inc. were slightly lower in afternoon trade on Wednesday as they pulled back after a 5.5% surge the day before.

The stock was last down 0.9% at HK$90.40 after losing as much as 3.4% earlier in the session. Tuesday's jump was sparked by news the Chinese drug manufacturer had tied up with major Canadian drug developer BioVaxys Technology Corp. to produce proteins needed for its Covid-19 vaccine candidates.

Wuxi Biologics, which manufactures various drug substances for clients, announced after the market closed Tuesday that it would acquire U.S. pharma major Pfizer Inc.'s manufacturing facilities and labor force in the eastern Chinese city of Hangzhou. It said the move would immediately boost its production capacity and address a surge in manufacturing demands.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

03-17-21 0205ET