Park Jin-hyuk posed a question to Gyeong Dae-yong, who seemed lost in thought.
“How is the development of the new drug coming along?”
At the sudden question regarding the drug’s development, Gyeong Dae-yong lowered his head as if he were a criminal.
“I apologize.”
“No. I’m not asking to scold you for the slow progress. Please, feel free to speak comfortably about the current status.”
Relieved by Park Jin-hyuk’s words, Gyeong Dae-yong’s complexion cleared, and he began to calmly explain the progress.
“We concluded that independent development is impossible in the short term, so we are currently looking outward. We are screening domestic and international companies with the necessary technical skills… but so far, we haven’t found a suitable candidate.”
“What do you mean by ‘not suitable’?”
“First, regarding our primary requirement, there are no domestic companies that have shown enough development results to enter clinical trials while remaining independent. Most have discovered new substances through various tests but are still only at the laboratory experimentation stage. They’re just learning to walk. I don’t think we can gain anything in the near future by supporting such places or turning them into subsidiary research institutes. As for international options, we need more time to assess them.”
“I see.”
Gyeong Dae-yong bowed his head again, feeling like a sinner for reporting such meager progress. Park Jin-hyuk, who had been listening quietly, nodded with his arms crossed.
“Good.”
Gyeong Dae-yong had believed Park Jin-hyuk was already aware of the situation to some extent, so he hadn’t expected a scolding. However, hearing him say “good” instead of just refraining from criticism left him bewildered. He lifted his head and looked at Park Jin-hyuk.
Park Jin-hyuk smiled at Gyeong Dae-yong, as if he could read his mind.
“Actually, this worked out well. It’s better to have a clean slate like this than to have half-heartedly dipped our toes in.”
“Pardon? What do you mean by that…?”
“I’ll recommend a place that possesses the capability to develop new drugs. Let’s acquire them and secure that technical capability in one fell swoop.”
“You’re recommending a company? Is there a place you have in mind?”
Gyeong Dae-yong had spent a long time as a laboratory director abroad and possessed a vast network, yet even he found it incredibly difficult to scout companies and verify their capabilities.
To hear Park Jin-hyuk— someone who had only just started learning about the pharmaceutical industry— recommend a company was beyond his comprehension.
Park Jin-hyuk uncrossed his legs and arms, leaned toward Gyeong Dae-yong, and spoke quietly.
“Let’s acquire Novo.”
“What?”
Gyeong Dae-yong nearly jumped off the sofa. Novo was a pharmaceutical company that had been established recently and had only just released its first commercial drug.
However, they already possessed a product that had obtained sales approval from both the FDA and the EU.
On the other hand, DS Pharmaceutical had no significant sales record domestically, let alone FDA approval. In other words, Novo had reached a level where DS Pharmaceutical wouldn’t even dare to look at them.
Of course, anything could be bought with enough money, and since Park Jin-hyuk was the majority shareholder, it wasn’t impossible. However, the idea of DS Pharmaceutical acquiring Novo— a company that had outgrown DS’s league in just a few months— felt strange.
Park Jin-hyuk leaned back against the sofa as if he had expected this reaction.
“You know Bayer visited earlier, right?”
“Yes, I’m aware. They spoke with you… Did they come here to demand the acquisition of Novo’s shares?”
“Why else would I meet with Bayer privately? It has to be about Novo.”
Gyeong Dae-yong thought it made sense for Bayer to covet Novo. Global companies, not just in pharmaceuticals, always expanded their size or infused new blood in this manner. He considered it the privilege of global corporations.
“They told me to hand over Novo’s shares to them. They offered a maximum of $800 million.”
“$800 million? That’s incredible. Didn’t you buy those shares for $50 million? And they offered $800 million?”
“They said it was due to the success of Tatulumide and included a majority shareholder premium. Well, that was within the range I expected, so it didn’t really sway me.”
Gyeong Dae-yong stared at Park Jin-hyuk, tongue-tied. $50 million had become $800 million. Even though he had generated over ten times the profit in less than one year, Park Jin-hyuk spoke as if it were expected. Gyeong Dae-yong wondered just how far the man’s foresight reached.
Unlike the stunned Gyeong Dae-yong, Park Jin-hyuk continued calmly.
“However, something else did sway me.”
“What was it?”
“Do you know who those people I passed earlier were? It was Bayer’s Vice Chairman, their Head of Americas, and their CFO. They came straight from the airport with their luggage in hand. Furthermore, they said they would wire the $800 million in a lump sum on the spot if I accepted. Does that make sense to you?”
Gyeong Dae-yong frowned. As Park Jin-hyuk said, it wasn’t about the money; the situation itself felt awkward.
“It is certainly strange. The caliber of the people who visited exceeds common sense, and the transaction method is unusual as well.”
“Exactly. And they said something interesting.”
Park Jin-hyuk recalled the words Bayer had let slip.
“They claimed that Novo doesn’t even know the proper application for the new drug they’re currently developing.”
“Pardon? They’re saying the application is different?”
“I don’t know their intent behind those words. I’m not sure if it was a slip of the tongue or a calculated move to confuse me. However, it seems certain that Novo is developing a new drug and that its direction is different.”
“In ê·¸ë ‡ë‹¤ë©´… (If that’s the case…)”
“Right. We take it over and set the direction straight.”
Gyeong Dae-yong felt as if his eyes had been opened. Though the information was just fragmented pieces, Park Jin-hyuk’s ability to piece it together instantly was nothing short of amazing.
Realizing Gyeong Dae-yong understood, Park Jin-hyuk prepared to stand up and delivered his final instructions.
“I will head to Austria and persuade Novo. President Gyeong, please calculate the necessary funds and determine a price for the acquisition. Calculate exactly how much we need for my 30% stake and the remaining shares required to seize management control, then let’s proceed.”
“Understood. However, for a transaction of this scale, we need approval from the main headquarters. Also, since there’s a limit to how much we can raise internally, we’ll need help from a financial institution.”
“I’ve thought of that too. I’ll contact President Jeong of DS Securities. Is there any need to use an outside firm to acquire Novo? We’ll handle it internally. As for the headquarters… report it to the Chairman. He won’t object much. As long as we secure the acquisition funds, there’s no reason for him to refuse.”
Gyeong Dae-yong was speechless. It was as if Park Jin-hyuk had prepared everything during that brief meeting with Bayer. He felt that all he had to do was follow the man’s lead.
Park Jin-hyuk saw the look on Gyeong Dae-yong’s face and, trusting that he would handle things well in his absence, stood up. After giving a few more pieces of advice, he stepped outside. Kim Jun-woo, who was waiting for him, approached to inform him that the travel preparations were complete.
“Alright. Then let’s leave immediately.”
The prepared car headed straight for Incheon Airport with Park Jin-hyuk and Kim Jun-woo. Kim Jun-woo watched Park Jin-hyuk for a moment as he closed his eyes to rest during the drive.
Once the man seemed somewhat refreshed, Kim Jun-woo asked a question.
“Executive Director. Is there a particular reason you’re handing Novo over to DS Pharmaceutical? From the perspective of DS Pharmaceutical, it’s a huge help, but from your position, couldn’t you just keep it and watch Novo grow?”
“That’s true. From my perspective, keeping it might be a better way to grow my wealth.”
“Then why are you handing it over? I mean, it’s a better choice than giving it to Bayer or another company, but… I don’t quite understand.”
Park Jin-hyuk smiled at Kim Jun-woo’s words. He knew he would have thought the same thing if he were in Kim Jun-woo’s shoes.
“There’s a saying that the position makes the man. I never really liked that phrase. As you live, you realize there are a few things that never change. Especially human nature. I believed that never changes, so I thought a person wouldn’t change just because their position did. But after experiencing it myself, I’ve realized that saying isn’t wrong.”
Park Jin-hyuk paused and thought back to his time as Yoo Jeong-geol. If he were still the old Yoo Jeong-geol, he certainly would have had even narrower thoughts than what Kim Jun-woo was imagining.
However, racing toward the top, even for a short time, had changed his perspective— and his thoughts changed along with it.
“Money is important right now, but it’s also important to build the power of the things around me. Just holding on and making 1 trillion or 10 trillion won isn’t the solution. It’s important to turn the money you’ve earned into power.”
“Then are you handing Novo over to DS Pharmaceutical to give them more power?”
“Not just that. I need to empower DS Construction as well… and I need to bring Dongjeong Industries up to a suitable level.”
“Dongjeong Industries?”
Park Jin-hyuk stopped talking and stroked his chin with his right hand. When he heard the story of Dongjeong Industries from Hyeon Yi-su, he realized the difficulties they were facing weren’t simple.
Since they were tied to DS Construction, it would have been good if they succeeded so DS Construction could benefit, but he didn’t care much if they failed.
While owning shares in Dongjeong Industries meant their success would help him, he didn’t have time to worry about that before.
However, while discussing the sale price with Bayer, he realized the amount of money was suspiciously similar to the scale of the funds Dongjeong Industries was struggling with. Then, an idea struck him.
He would use Dongjeong Industries to strike at the periphery of the DS headquarters.
“You know why I’m going through DS Construction and DS Pharmaceutical instead of entering the headquarters directly, right?”
“Yes. Wasn’t that President Hyeon’s idea? The plan was to suppress the pillars of the DS Group first, because entering the headquarters would leave you unable to move freely under the Chairman.”
“Right. But I feel like just suppressing the periphery isn’t enough. So, I plan to attack the center as well.”
Kim Jun-woo couldn’t immediately understand. He didn’t see the connection between attacking the center and Dongjeong Industries. However, in Park Jin-hyuk’s mind, everything was being drawn out like a blueprint.
“If I move personally, I won’t be able to do anything because I’ll be right under the Chairman’s eye. But if I use Dongjeong Industries, I’ll have a justification and won’t have to reveal myself. Isn’t it worth using them?”
“Are you saying you’ll solve Dongjeong Industries’ problems and make them your puppet?”
“Puppet? My maternal grandfather would be upset to hear that. Let’s just say we’re making a mutually beneficial trade.”
Kim Jun-woo thought that while “trade” sounded nice, it essentially meant they would become puppets to strike at the heart of DS. He didn’t think Park Jin-hyuk was intentionally exploiting his maternal family’s misfortune, but the fact that he saw an opportunity in their crisis felt cold.
Yet, feeling that this might be the fate of a chaebol family, Kim Jun-woo simply prayed for Park Jin-hyuk’s success.
***
Only a very few people knew about Park Jin-hyuk’s trip to Austria. Even Park Jun-man only found out after hearing from Gyeong Dae-yong, who had come to discuss the Novo acquisition.
For seven days, Park Jin-hyuk stayed in Austria, persuading the employees of Novo. Since this wasn’t just a change in majority ownership but a full acquisition by DS, he needed the consent of the other shareholders and the employees.
When Park Jin-hyuk first arrived and expressed DS Pharmaceutical’s intent to acquire Novo, they reacted with outrage and expressed strong hostility toward him. They threw the original contract back in his face— the one guaranteeing management rights and autonomy— and demanded he honor its terms while rejecting his proposal.
Kim Jun-woo, standing by as they spoke amongst themselves in a language he didn’t understand, suggested to Park Jin-hyuk that they should return to Korea and consult more with Gyeong Dae-yong first.
Although the interpreter they brought claimed he couldn’t understand their slang, Kim Jun-woo suspected the insults were simply too harsh to translate.
Fearing that they were only breeding more resentment, Kim Jun-woo suggested bringing in Gyeong Dae-yong, whom they respected.
However, even as they cursed at him, Park Jin-hyuk leisurely continued his visits to meet the co-founders. He pointed out that if he combined his shares with those of other investors, he would have no trouble securing a 50% stake.
He tried to persuade them that it would be better to enter the DS Pharmaceutical umbrella on good terms. He suggested that being acquired by choice was better for their future than a hostile takeover.
But they refused firmly, stating they could never join DS Pharmaceutical if they wanted to maintain their autonomy. They even showed their hostility by saying they would eventually buy back the shares Park Jin-hyuk had acquired through his investment.
Watching this treatment, Kim Jun-woo grew anxious. Contrary to his belief that Park Jin-hyuk had a systematic plan, the man had done nothing but meet the co-founders for three days without any apparent progress.
Unable to watch any longer, Kim Jun-woo booked a flight back to Korea before receiving orders and went to Park Jin-hyuk. Park Jin-hyuk looked at him with a relaxed expression.
“Do you really think I came here without a plan? Just wait. The card I’ve prepared will find its way here on its own.”
Park Jin-hyuk handed the ticket back to Kim Jun-woo, maintaining his leisurely composure.