November 25, 2024

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Samsung's logo (Yonhap)

Samsung C&T announced Tuesday that the company signed a memorandum of understanding with Flagship Pioneering, a US-based bio platform company, to expand its investment to foster biopharmaceutical innovation through the fund it jointly formed with Samsung Biologics.

Since its launch in 2000, Flagship Pioneering has originated and fostered more than 100 scientific ventures, resulting in more than $70 billion in aggregate value. The company is also widely known for its early investment in Moderna, which developed mRNA COVID-19 vaccines.

Under the recent agreement, the two companies will leverage Samsung’s technologies and collaborate with companies founded by Flagship Pioneering for the development of first and best-in-class therapies.

The recent partnership is an expansion of the ongoing cooperation between Samsung C&T and Flagship Pioneering. The two have been leveraging their expertise in the areas of life science technology, artificial intelligence and contract development and manufacturing organization services.

Previously, Samsung C&T helped Moderna to produce its mRNA COVID-19 vaccines at Samsung Biologics in 2021. The life science fund also invested $15 million into Flagship Pioneering’s biotechnology company, Senda Biosciences.

"This collaboration represents a significant milestone in the pursuit of innovation and scientific excellence," said Flagship Pioneering Managing Partner Stephen Berenson. "As partners, we will bring together Flagship Pioneering's unparalleled expertise in inventing and developing revolutionary bio platform companies with Samsung's strategic capabilities to reshape and empower the bio-pharmaceutical landscape, ultimately resulting in bigger leaps for patient care."

"This newly formed collaboration is an important evolution of the ongoing relationship between two companies," said Kim Jay-woo, executive vice president of Samsung C&T. "We look forward to seeing the accelerating effect of Samsung's various technical expertise and extensive commercial capabilities on the future innovations Flagship and its ecosystem of companies will bring to market."

By Shim Woo-hyun (ws@heraldcorp.com)