Biotech founders sen­tenced to 1 year and 1 day for steal­ing Genen­tech se­crets, ly­ing to in­vestors

The founders of the biosim­i­lar de­vel­op­er who plead­ed guilty to steal­ing trade se­crets from Genen­tech will be im­pris­oned for a year and one day.

Racho Jor­danov and Rose Lin were the CEO and COO of JHL Biotech, re­spec­tive­ly, when they hired for­mer or cur­rent Genen­tech em­ploy­ees and got con­fi­den­tial in­for­ma­tion from them to speed up the de­vel­op­ment of biosim­i­lars to Genen­tech’s block­buster can­cer drugs. That worked well for them: Ac­cord­ing to the plea agree­ments, the scheme helped JHL ap­peal to in­vestors, ul­ti­mate­ly de­fraud­ing them of $101 mil­lion.

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