November 28, 2024

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Samsung Electronics Chairman Lee Jae-yong poses with Flagship Pioneering Founder and CEO Noubar Afeyan, who is also the co-founder of Moderna, at the US company's headquarters in November 2021. (Samsung Electronics)

Samsung Electronics Chairman Lee Jae-yong, the de facto leader of Samsung Group, vowed to boost the nation’s largest conglomerate’s burgeoning biopharma business to "repeat the success story of semiconductors," as he met with heads of major biopharmaceutical companies in the United States, the company said Sunday.

Traveling to the US' East Coast, home to the world’s leading biopharma clusters, Lee met with the heads of global biopharmaceutical and venture incubation firms to discuss ways to foster competitiveness for the biopharma industry and joint business opportunities, Samsung said.

Samsung Group founded Samsung Biologics in 2011 and has developed the company into the world's No. 1 contract development and manufacturing organization as it has clinched largest-scale deals with Pfizer and Moderna to produce COVID-19 vaccines in the wake of the pandemic.

In a series of meetings, Lee met with Johnson & Johnson Chairman Joaquin Duato, Bristol Myers Squibb CEO Giovanni Caforio, Flagship Pioneering founder and CEO Noubar Afeyan, Biogen CEO Christopher Viehbacher and Organon CEO Kevin Ali, Samsung said.

"The starting point does not matter. Bold and patient attempts will determine victory or defeat,” Lee said. “Let’s carry on the ‘success DNA’ of semiconductors to create success in the biopharmaceutical sector."

Samsung said Lee's meetings with the industry leaders come with the aim to strengthen the company's global connection and add weight to its biopharmaceutical and biotech business, one of the future growth drivers.

J&J is a top-tier biopharmaceutical firm boasting a long history of 140 years, and a major client of Samsung.

BMS is a company that provided the "initial drive" for the Korean firm to promote its biopharma business, by making the first production order for pharmaceutical products in 2013, Samsung explained.

As for Afeyan, the head of Flagship Pioneer, he forged the production contract of mRNA vaccines to contribute to overcoming the COVID-19 pandemic crisis in Korea. Afeyan is also the co-founder of Moderna.

Biogen is the company that jointly established Samsung Bioepis, the biopharmaceutical arm of Samsung Biologics, in 2012. While it handed over all of its stakes in Bioepis to Biologics last year, Biogen still works closely with Samsung, being in charge of distribution and sales of Samsung’s autoimmune diseases treatments, the company added.

The Korean giant said it was able to develop Samsung Biologics as the world's top CDMO after a decade, thanks to its speedy decision-making and bold investment, and with overwhelming manufacturing technology, the company said.

Lee's wide network with big pharmaceutical companies will play in as a "leverage" for cooperation, to produce the drive for future growth, Samsung said.

After the meeting with the industry leaders, Lee met with the employees of Samsung's sales corporate headquarters in the US to inspect location operations and encourage staff members there.

Lee's visit to the US comes for the first time since he was promoted to chairman in November last year, as he joined an economic delegation accompanying South Korean President Yoon Suk Yeol on his state visit in April.

Lee has extended the trip to the US, as the date for his next trial in Seoul over the 2015 merger of two Samsung affiliates was delayed to resume on May 26.

By Jo He-rim (herim@heraldcorp.com)