Judge: Chinese firms stole Serenex trade secrets
A Wake County judge has ordered two Chinese companies and an Apex man must pay a Durham pharmaceutical company $57.5 million for stealing trade secrets.Posted — Updated
Superior Court Judge Donald Stephens ruled Tuesday that Beijing Gylongli Sci. & Tech. Co. and GYLL Biomedtech committed corporate espionage, stealing trade secrets from Durham-based Serenex.
Serenex alleged in a 2007 suit that one of its former chemists, Yunsheng Huang, passed proprietary information for a cancer treatment to the two Chinese companies.
Neither of the companies nor Huang responded to the suit, so Stephens found them in default. It's unclear whether Serenex, which was acquired by Pfizer earlier this year, will be able to collect the judgment.
Copyright 2023 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.