China NewCo model pioneer sued in US over alleged trade secret theft and double-dealing

A lawsuit filed in New York and later moved to federal court accuses Su Zhang, a consultant known for shaping the China "NewCo" dealmaking model, of misusing trade secrets and engaging in double-dealing.

Lepu Medical Technology says Zhang, while serving as its primary liaison for a portfolio of obesity and metabolic disease candidates, secretly held the chief business officer role at rival BrightGene Pharmaceutical and failed to disclose the conflict. The complaint also notes that Zhang's firm, CoDevCo, pursued transaction-based success fees from Lepu through arbitration in Singapore.

Lepu is seeking repayment of a $500,000 retainer, disgorgement of any benefits Zhang received from the alleged breaches, and additional damages.