LONDON (Alliance News) - Five individuals, including two research scientists, have been indicted on charges of stealing trade secrets from GlaxoSmithKline PLC by Federal prosecutors with the Eastern District of Pennsylvania.
In a statement from the US Attorney's Office, the individuals charged in the conspiracy are named as Yu Xue, Tao Li, Yan Mei, Tian Xue and Lucy Xi.
Yu Xue and Lucy Xi were scientists working in Glaxo's research facility in Upper Merion, Pennsylvania.
According to the indictment the defendants engaged in a scheme to steal trade secrets related to Glaxo's research data, procedures, and manufacturing processes for biopharmaceutical products. Many of these products were designed to treat cancer or other serious diseases.
Yu Xue, Tao Li and Yan Mei formed a corporation in China called Renopharma allegedly to market and sell the stolen trade secret information, the statement said.
It is further alleged that, in order to hide the proceeds of the crime, Yu Xue, Tao Li and Yan Mei agreed to title the proceeds in the name of Yu Xue's sister, Tian Xue, and other family members.
Shares in Glaxo were up 0.9% at 1,370.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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