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| Deals/Disputes/IPO Monitor |
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| Title: |
U.S. judge rules against Chinese drug firms in Serenex corporate espionage case (2008) |
| Type： |
Lawsuits & Disputes |
Parties
Involved: |
Serenex, Beijing Gylongli Sci. & Tech. Co. and GYLL Biomedtech |
| Description： |
A judge in Wake County, North Carolina, USA ruled on September 2, 2008 that Chinese businesses committed corporate espionage and stole trade secrets from Serenex, a Durham bio-pharmaceutical company.
Superior Court Judge Donald Stephens ruled that the two Chinese companies and a former Serenex employee must pay Serenex $57.5 million for damages. It’s not clear if the Durham company can collect the money, since the Chinese businesses ignored the lawsuit.
According to Serenex's suit, filed last year, former Serenex chemist Yunsheng Huang passed along trade secrets to Beijing Gylongli Sci. & Tech. Co. and GYLL Biomedtech. Serenex also sued Tongxiang Zhang who runs the two Chinese companies. The suit alleges that Zhang and others filed a patent application for a cancer treatment similar to Serenex's.
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Additional
Info/Comments: |
According to Stephens’ ruling, neither Zhang, Gylongli or GYLL responded to the Serenex complaint. Huang, a naturalized U.S. citizen, had been living in Apex. His lawyer said last year that Huang did nothing wrong and that Serenex lacked proof that Huang stole intellectual property.
Serenex, founded in 2001, this year was acquired by Pfizer, the world's largest drug maker.
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