Park Jin-hyuk quickened his pace, speaking to Kim Joon-woo, who was following briskly.
“When are we expected to arrive?”
“Estimated arrival time is 2 o’clock.”
“2 o’clock? Secretary Kim, go there yourself and take care of it. The documents—are they all ready?”
“Yes. The team preparing the documents stayed in Korea to finalize them and will send them by email. The law firm staff who arrived here will use the documents received from the Korean team to proceed with the contract with Novo.”
“You confirmed everything with Austria, right?”
“Yes, we checked several times. Also, through DS’s private channel in the US, we checked with the FDA. It seems that Phase 3 trials for Novo’s new drug will resume soon.”
“You could find that out? Was it really that easy to learn?”
Park Jin-hyuk stopped walking for a moment.
“It wasn’t difficult to get the information. The results are already out, and the announcement is imminent, so it was easy to obtain.”
“Anything else you found?”
“There was something else that came out as a slip of the tongue during the resumption of Phase 3 trials. It seems that as long as production capacity is verified, they’re willing to grant sales approval quickly. The groundbreaking efficacy rate in treating prostate cancer led to a positive evaluation.”
“And other places didn’t know this? Our private contact is in the pharmaceutical sector, so it’s not like we’re the only ones who could get such information, right?”
“No. As you say, it’s not information only we could get. Others could have known as well. But due to the government shutdown, FDA operations were suspended, and those who were interested shifted their focus elsewhere for a while. On top of that, when Novo faced a cash crunch and its survival became an issue, some companies changed direction to acquire Novo’s patent rights instead.”
“They got greedy. Fine. Let’s settle this today.”
Park Jin-hyuk resumed his steps.
When the final evening negotiation was arranged, the Novo side arrived accompanied by lawyers who would advise and assist with the contract if investment proceeded.
After Park Jin-hyuk and his entourage arrived, the meeting room felt crowded with so many people.
As soon as he entered, Park Jin-hyuk exchanged greetings with Novo’s co-CEOs, then immediately got down to business, skipping small talk.
“Alright then. Let’s begin right away.”
Almost before Park Jin-hyuk finished speaking, Novo’s Berner jumped in to take the initiative.
Perhaps feeling regretful over not having said a word at the previous negotiation table, it was clear he had prepared remarks in advance.
“We can’t give up more than 30% of our shares. Also, there must be a clause preventing the transferred shares from infringing on the company’s autonomy, including management and development rights.”
“Please, continue.”
After finishing his words, Berner glanced at Park Jin-hyuk to gauge his reaction.
Seeing this, Park Jin-hyuk gestured for him to continue.
Berner, seeing Park Jin-hyuk’s willingness to listen, swallowed dryly a few times and went on.
“We don’t want you to acquire more than 30% of our shares. We want to continue developing new drugs in a free environment. For that, we want to maintain our status as Novo’s largest shareholder.”
“What if I accept offers from other investors to transfer their shares to me? With 30% plus those, I’d easily surpass 50%…”
“We hope you won’t do that. We’ll talk to the other investors, so please refrain from buying up shares from them, Mr. Park.”
“Wouldn’t that be unfair to me? If I have the chance to become the majority shareholder, why should I give up that opportunity?”
At Park Jin-hyuk’s words, Berner glanced at the lawyer beside him.
Even Berner knew that such a request would be difficult to grant.
As Novo’s lawyer was about to speak, Park Jin-hyuk raised his hand.
“If you grant my request, I’ll grant yours. And I won’t acquire more than 30% of the shares.”
“What is your request?”
Novo’s side, including Berner, suddenly brightened.
After confirming their expressions one by one, Park Jin-hyuk spoke.
“It’s simple. Grant a 20-year exclusive production right for Novo’s new drug.”
“A 20-year exclusive production right?”
“Yes. Transfer exclusive production rights for 20 years to DS Biologics.”
“That’s…”
It was not a difficult request.
They needed a production facility anyway.
In fact, they felt relieved that Park Jin-hyuk brought up a condition they themselves might have wanted to request.
Just as Berner was about to accept, thinking it was an easy request, Park Jin-hyuk spoke up with the second part of his proposal.
“Everything from sourcing raw materials to packaging and every last piece of material will be handled by Biologics.”
At Park Jin-hyuk’s words, the expressions of everyone present, including Berner, changed instantly.
Not only the Novo side but even Kim Joon-woo, who was at the table, suddenly looked grim.
Only Park Jin-hyuk remained comfortably seated.
“Millions of dollars will go into this. Isn’t a demand of this scale warranted?”
“But that’s… too much.”
The lawyer, who had accompanied Novo and saw them at a loss, spoke up in their place.
But Park Jin-hyuk shook his head.
“In these ongoing negotiations, only we have been making concessions. I’m the only one yielding from my initial proposal, but shouldn’t Novo back down at least once? If you can’t even do that, I wonder what reason you had for coming to San Francisco in the first place.”
The lawyer, who hadn’t been present at the previous negotiations, turned to the Novo side to ask if what Park Jin-hyuk said was true.
Berner nodded, indicating that Park Jin-hyuk was right.
Watching from the side, Kim Joon-woo recalled what Park Jin-hyuk had said after the second negotiation had broken down.
[If you keep making excessive demands and then stepping back, people forget about the content of the demands and remember only the fact that you yielded. By now, in their minds, I’m not the one who made unreasonable demands, but the one who kept conceding.]
It wasn’t a particularly special tactic, but the ones on the receiving end were simply not suited for negotiations like this.
That’s why, just by their expressions, it was clear things were going exactly as Park Jin-hyuk intended.
‘How curious. When did he learn things like this?’
Kim Joon-woo gazed at Park Jin-hyuk’s calm profile.
From the very beginning, he had said that this would be the final round.
He wore a relaxed, confident look as if he had nothing to lose.
It was enough to make even Kim Joon-woo feel uneasy, so it was obvious what Novo’s co-CEOs were feeling.
Meanwhile, Park Jin-hyuk knew exactly what mattered in this kind of contract manufacturing.
If it was simply delegating production rights, there would be very little profit to gain.
The most important things in production were control over raw materials and supply chains.
Only then could one secure more margin, and within Novo’s network of partner companies, establish a hierarchy.
With that, even without holding the patent, Park Jin-hyuk would have all practical rights to Novo’s Tatulomide.
His understanding came from experience in the days of Yoo Jeong-geol, when a contract acquired through sheer determination to run a dormant factory ended up weighing the company down.
By missing what really mattered and only securing manufacturing contracts, they worked themselves to death but were left with nothing but labor costs.
Since then, Park Jin-hyuk knew painfully well what was essential in contract manufacturing, and that experience is what put him at the negotiating table with Novo now.
Berner, Karin, and Krichernitz consulted among themselves and with their lawyer before stepping away to discuss further.
Meanwhile, Kim Joon-woo checked a message from somewhere and whispered to Park Jin-hyuk.
“They say the remittance is ready.”
The transfer screen shown to Novo around lunchtime was actually a trick.
Sending millions in foreign currency isn’t easy.
It requires approval; you can’t just wire it like an ordinary account transfer.
Knowing all this, Park Jin-hyuk acted in front of Novo as if he could wire the money at any moment.
Novo, taken in by this, began to imagine the funds landing in their account immediately, if only they could win over Park Jin-hyuk.
That’s what made them so desperate now.
After finishing their discussion, Novo’s co-CEOs returned to the table and spoke to Park Jin-hyuk.
“Will granting DS Biologics exclusive production rights help you, Mr. Park?”
“It will.”
“Then wouldn’t it be better for you to just acquire us through DS Pharma…”
“No. That won’t do. You must remain as you are.”
Park Jin-hyuk’s smiling face quickly hardened.
If DS Pharma acquired Novo, everything he’d staged and all the benefits he’d wrung from the situation would be for nothing.
It was more advantageous for him if Novo remained independent.
Shaking his head firmly, Park Jin-hyuk spoke with a resolute tone.
“This table is just for you and me. Don’t be flustered just because the contract includes a 20-year exclusive production right for Biologics.”
Karin, sitting across from Park Jin-hyuk, looked genuinely frightened at his hardened expression.
If he got up and left now, Novo was in such dire straits they wouldn’t last even a few days.
This negotiation was their only hope.
Berner nodded with difficulty.
“Alright. We can’t keep this going any longer. Then, how much are you willing to invest?”
At last, seeing Novo’s surrender, Park Jin-hyuk allowed a smile back onto his face.
“The $20 million you need immediately will be deposited to your designated account the moment the contract is signed. And a month later, I’ll invest an additional $30 million. In fact, I even considered a total of $100 million, but since DS Biologics will cover all production costs once manufacturing begins, I decided that much isn’t needed. Right? And if I invest $100 million, my share will go up even more—are you okay with that?”
“No, $50 million. That’s good. That’s just right.”
“I’m investing because I trust in your abilities; I have no intention of doing what you fear. Since I’m being generous, I’ll concede a bit further. I’ll invest $50 million for 25% of the shares.”
“Are you sure you’re okay with 25%?”
Berner finished and looked to his colleagues.
If Park Jin-hyuk acquired 25%, he’d be the single largest outside shareholder.
However, if the co-CEOs and friendly shareholders joined together, they wouldn’t lose control of the company.
Park Jin-hyuk added an irresistible offer, speaking toward Novo’s co-CEOs as they exchanged looks.
“And give me priority if you issue more shares in the future.”
“Priority?”
“Yes. I want to keep my 25% stake. How about it? If I don’t let go, you’ll have some relief from your cash crunch.”
It was an enticing offer.
Perhaps there would never be a better one.
Now, in their minds, giving up a 20-year exclusive production right and raw material purchasing rights to Biologics no longer felt like an issue.
The thought of instantly solving their financial woes brightened their faces all at once.
Not missing the chance, Park Jin-hyuk tightened the reins.
“Then let’s finalize the contract and proceed right away. You want the money as soon as possible, don’t you?”
“Alright. Let’s prepare the contract…”
“We’ve already prepared the contract on our side. Once you review and sign it, the funds will be transferred immediately.”
As Park Jin-hyuk spoke and raised his hand, the lawyer beside him took documents out of a bag and handed them over.
Novo’s co-CEOs looked puzzled as they received the papers.
Park Jin-hyuk gestured for them to check them quickly.
Novo’s co-CEOs reviewed the documents with their lawyer.
In the meantime, Park Jin-hyuk called Kim Joon-woo over and gave instructions.
“Get ready to wire the funds.”
“Yes, understood.”
As Kim Joon-woo made preparations, he thought,
‘Maybe Executive Director wanted just 25% from the start.’
The first meeting, where nothing was said, the second meeting where 40% was demanded, and then the demand for exclusive rights for Biologics—
It all seemed like groundwork for acquiring 25% now.
In the end, they obtained both exclusive rights and a 25% stake.
According to Kyung Dae-yong, Novo’s new drug had high chances of success.
Moreover, if Novo’s drug production succeeded, even an order from Pfizer would come as a bonus.
And the 25% stake acquired.
Though $50 million was invested, it was impossible to guess how many times over that amount would come back.
Everything seemed to be flowing within Park Jin-hyuk’s grasp, making Kim Joon-woo see him as almost monstrous as he watched Park Jin-hyuk, calmly facing Novo’s co-CEOs.
Once the documents were checked and signed, Park Jin-hyuk extended a hand for a handshake.
“Now that both funding and production are resolved, let’s move straight ahead to FDA manufacturing approval. It’s in everyone’s interest to get production approval quickly. Biologics will back you up as much as possible.”
Novo’s co-CEOs felt like they’d been played by Park Jin-hyuk, but couldn’t quite put their finger on what, exactly, was wrong.
In the end, in San Francisco, they got everything they wanted.
After a brief discussion about future support, Park Jin-hyuk was the first to get up, signaling the end of the meeting.
With a promise to stay in close contact, Park Jin-hyuk left the meeting place.
“What time is our flight?”
“We’re scheduled to depart in three hours.”
“Really? Let’s go. We’ll have to move right away when we arrive, too.”
Park Jin-hyuk’s group headed straight for the airport.