Updated on 9 October 2013
Two former Eli Lilly scientists have been accused of divulging $55 million in trade secrets to a rival Chinese pharmaceutical company, Jiangsu Hengrui Medicine
Singapore: Two former Eli Lilly scientists have been accused by the US district court of divulging $55 million in trade secrets to a rival Chinese pharmaceutical company, Jiangsu Hengrui Medicine.
Guoqing Cao and Shuyu Li, both born in China had later become US citizens and were indicted August 14, accused of selling the secrets to Jiangsu Hengrui Medicine, a Chinese pharmaceutical company that works as a direct competitor of Eli Lilly.
The US District Court ruled that both should be held without bond in the Marion County Jail until trial. Prosecutors sought the ruling by arguing that both men presented a flight risk to China if released.
The documents revealed that both the accused copied trade secrets concerning proprietary information on diabetes, cardiology and cancer medication development to external hard drives. On multiple occasions, the two also traded emails containing the trade secrets with each other, another former Eli Lilly employee who is not named in the indictment and has not been charged, and representatives at Hengrui, prosecutors allege.
The information amounted to approximately 10 years of research that the company's executives believe is worth around $55 million.