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Chinese Firms Ordered To Pay Pfizer Unit $57.5 Million In Spy Case

This article was originally published in PharmAsia News

Executive Summary

A county judge in North Carolina ruled in favor of the state's Serenex biopharmaceutical company in a suit against China's Beijing Gylongli Science and Technology and GYLL Biomedtech. The Serenex suit said the people from the two companies engaged in corporate espionage against the U.S. firm and stole trade secrets. A Wake County judge ordered the Chinese companies and Tongxiang Zhang, operator of both companies, to pay Serenex $57.5 million in damages. Serenex, acquired by Pfizer earlier this year, sued after Zhang and others applied for a patent for a drug similar to the Serenex drug. None of the Chinese parties to the suit responded legally to the filing of the suit. (Click here for more

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