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Beam Therapeutics Sues Ex-Employee Over IP Theft
Developing
In Short: Beam Therapeutics has filed a lawsuit against a former scientist for allegedly stealing intellectual property to start a Chinese company.
Beam Therapeutics, a gene-editing company based in Cambridge, Massachusetts, filed a lawsuit late last week against its former scientist, Zi Jun 'Emma' Wang, for allegedly stealing 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 Therapeutics in Shanghai.
YolTech recently entered into a deal with venture capital firms RA Capital and RTW to form a new startup called Serapha Bio.
The lawsuit comes amid growing tensions between American biotech companies and their Chinese counterparts.
Beam Therapeutics claims that Wang's actions caused significant harm to the company's competitive position and intellectual property rights.
Background
Chinese AI startup DeepSeek announced on Thursday that its annualised revenue run rate has hit $1 billion, according to a report by The Information, citing two people with direct knowledge of the matter.
What's still developing
- Nothing material beyond the confirmed record.