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Beam Therapeutics Sues Chinese Startup Over IP Theft
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In Short: Beam Therapeutics has filed a lawsuit against a Chinese biotech firm, alleging theft of intellectual property.
Beam Therapeutics, a gene-editing company based in Cambridge, Massachusetts, has filed a lawsuit against a Chinese biotech firm, YolTech Therapeutics, alleging that one of its former scientists, Zi Jun 'Emma' Wang, stole intellectual property.
According to the lawsuit, Wang accessed Beam's electronic laboratory notebooks late at night and on weekends, using the information to co-found YolTech.
YolTech recently partnered with venture capital firms RA Capital and RTW to form a new startup called Serapha Bio.
The lawsuit comes amid growing tensions between American and Chinese biotech companies.
Beam Therapeutics claims that Wang's actions caused significant harm to the company's competitive advantage and intellectual property rights.
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