At Park Jin-hyuk’s call, Dayong Kyung, who had been talking with the people from Bayer, made his way to the coffee shop near the conference hall.
“Secretary Kim. I had a hard time arranging a meeting with Bayer. For me to leave in the middle of such a meeting—does that mean this is just as important?”
“President Kyung. The Executive Director said you absolutely needed to attend, so please don’t regret leaving your meeting with Bayer.”
“Just who am I meeting with…?”
Led by Secretary Kim, Dayong Kyung pushed open the door and stopped in his tracks when he saw the young men seated across from Park Jin-hyuk.
He glanced back at Secretary Kim, his expression asking if these were the people.
“The Executive Director said it’s important, so you should go.”
Dayong Kyung recognized them from a distance.
They were already famous at the conference.
However, their reputation wasn’t good—they were known for the wrong reasons. Suddenly, he regretted leaving his meeting with the Bayer executive just to meet these people.
Still, he thought Park Jin-hyuk must have his reasons for calling him, so he went to the table and greeted him.
“You’re here. Please, have a seat.”
Park Jin-hyuk was flipping through the pamphlet they had brought.
As Dayong Kyung and Kim Jun-woo sat to Park Jin-hyuk’s left and right, respectively, Park Jin-hyuk began in earnest.
“Alright. That’s enough introduction about your company… Now, tell me what you want.”
The co-CEOs of NOVO, seated across from Park Jin-hyuk, glanced between Park Jin-hyuk and Dayong Kyung.
Realizing Park Jin-hyuk was in charge here, they spoke to him.
“We don’t know much about DS Pharmaceuticals. However, we found out that DS Pharmaceuticals is in the CMO business. If you produce our new drug, we’ll repay the production costs after receiving investment funds once the FDA grants us sales approval.”
“It seems that just as our company is unknown here, so are you. But even if we’re unknown, at least we understand business. It seems you don’t even know how business is done. Do you really think your proposal will work?”
The NOVO people fell silent.
They knew how absurd their proposal sounded.
Normally, they’d be expected to offer a deposit just to get a manufacturing deal. But here, they were asking for production first and payment later.
Moreover, they didn’t even have FDA approval yet.
If the FDA rejected production, they might have to destroy all the product they had already made.
It was almost pathetic to think anyone would agree to such terms without a deposit.
Looking at their crestfallen faces, Park Jin-hyuk turned to Dayong Kyung.
“What do you think? These people in front of us—they kind of remind you of yourself, don’t they?”
“Sorry? What do you mean?”
“They’re capable, trustworthy, but wearing clothes that don’t fit. Take a look at this.”
Park Jin-hyuk handed Dayong Kyung a company introduction document explaining what kind of place NOVO was.
Dayong Kyung glanced through the document he received from Park Jin-hyuk.
The contents looked as though high school students had hastily prepared a presentation for class.
After a quick look, Dayong Kyung handed it over to Secretary Kim.
Once Kim Jun-woo had finished skimming it, Park Jin-hyuk addressed the NOVO representatives again.
“According to your documents, the FDA hasn’t approved Phase 3 clinical trials yet. Can you explain this?”
Of the three NOVO representatives, the one in the center, named Werner, answered for the group.
“The FDA has only ‘put a hold’ on the Phase 3 clinical trial for now. They requested more detailed ingredient data on the materials inside, so the process is on pause. It’s not that the FDA rejected it due to any issue.”
As Werner finished, the blonde woman beside him, Karin Kneisel, pulled out a document and placed it on the table.
Unlike the company profile, which had been crumpled by many hands, this document was crisp.
From the feel of the paper, Park Jin-hyuk could tell he was the first person to touch it.
After a quick glance, Park Jin-hyuk immediately handed the document to Dayong Kyung.
“I probably wouldn’t understand even if I read it. President Kyung, please take a look.”
While Dayong Kyung reviewed the document, Park Jin-hyuk continued.
“So, can the Phase 3 trial proceed right away?”
“The FDA usually takes 30 days to review and then makes a decision. We believe the halted Phase 3 trial will resume.”
“Good. You seem confident. So, what you want is for us to manufacture samples needed for the trial?”
The NOVO representatives exchanged glances.
Until now, no one at the conference had shown interest in their fledgling company.
Worse, people turned away when they heard that Datu-lumide, their prostate cancer drug, had its Phase 3 trial halted by the FDA.
All their investment funds had been used for development, and even if the trial resumed, they’d need tens of millions more—money they didn’t have.
“What we want is to meet the FDA’s manufacturing requirements.”
Park Jin-hyuk listened and looked at Dayong Kyung.
Dayong Kyung, who had been reviewing the documents, began to explain NOVO’s manufacturing capacity to Park Jin-hyuk.
“The FDA reviews manufacturing capability before approving a new drug. If they think you lack the capacity, no matter how good the drug, they won’t approve it.”
“So NOVO wants the FDA to evaluate your drug’s manufacturing capacity through DS Biologics, correct?”
“Yes, that’s right. But there’s a problem. The FDA doesn’t just review documents. They need to see actual production before they approve.”
“If approval isn’t granted, then all produced samples must be discarded?”
“Yes, that’s correct.”
Park Jin-hyuk nodded, seeming to understand the flow of things.
He smiled as he looked at the three young people who clearly didn’t understand the conversation well.
“Let’s say the FDA approves everything. As far as I know, you need tens of millions of dollars to conduct Phase 3 clinical trials. Do you have that kind of money?”
He asked, knowing they’d been running around seeking investment.
Even if DS Biologics took on the manufacturing, could NOVO make it to the end of this long road to final approval?
The NOVO people fell silent again.
Even if DS Biologics handled manufacturing, they had no way to resolve the investment needed upfront.
“Well?”
Park Jin-hyuk looked between the speechless NOVO representatives and turned to Dayong Kyung.
He wanted to hear Dayong Kyung’s thoughts on the documents he’d reviewed.
“I’ll need to review it a bit more.”
“Really? You need to review it? Sounds like it’s not completely hopeless.”
Dayong Kyung hesitated.
Before receiving the documents, he’d been skeptical about NOVO, just like everyone else at the conference.
Their documents weren’t the type to attract investors, but rather read like a research paper.
He couldn’t help but wonder why they brought such documents to a meeting like this.
But as he read through the paperwork, he began to change his mind.
Years in the research lab told him that NOVO’s documents were not as outrageous as they seemed.
According to the content, the FDA’s suspension of Phase 3 trials appeared to be a mere incident.
“According to this, it seems you used completely different ingredients than existing treatments. Can you explain the mixing process and any precedent for these ingredients in other drugs? The FDA seemed concerned about this, so if possible, can I see the documents you submitted requesting resumption of the clinical trial?”
Taking Park Jin-hyuk’s place, Dayong Kyung questioned NOVO.
As Dayong Kyung spoke up for the first time, Werner from NOVO studied him for a moment and then responded.
“Are you by any chance Director Kyung from the Pfizer German lab?”
“Yes, that’s me. Do you know me?”
“Hello. I’m Werner Weidenbauer. I also spent some time at the German lab. Do you remember me?”
“Weidenbauer?”
Thinking for a moment, Dayong Kyung’s face lit up as he remembered Werner.
“Yes. The three friends from Austria. You—wasn’t your name Krishnitz? And you’re Karin. Karin Kneisel. I remember now. The three of you. Wait, did you leave Pfizer and start this company?”
“You remember us. That’s great. Even if no one else knows, I’m sure Director Kyung will recognize our product’s value.”
It turned out that Dayong Kyung and the NOVO team had worked together at Pfizer, and the conversation flowed easily from there.
If this had been a company-to-company meeting, they’d have to use simpler language, but among experts, there was no need.
As the technical terms flew, even the usually reserved Dayong Kyung became animated, debating enthusiastically with them about NOVO’s product.
Watching this, Park Jin-hyuk simply ordered Kim Jun-woo to interpret occasionally and sat back quietly.
Apart from general pharmaceutical knowledge, Park Jin-hyuk didn’t have specialized expertise, so he felt it better to step back in these situations.
After a while talking with the NOVO team, Dayong Kyung nodded and spoke to Park Jin-hyuk.
“This looks promising.”
“Really? What are the chances of success?”
“There’s a good chance. But the problem is… NOVO doesn’t have funding. If the money issue is solved, FDA approval shouldn’t be a problem. The FDA only paused Phase 3 because of the federal shutdown and paperwork delays. Otherwise, they’d already have approval by now. Judging by what I’ve heard, even the Phase 3 looks set for success.”
“Is that why they’re looking for a manufacturer?”
Park Jin-hyuk folded his arms and looked at the NOVO team.
The three NOVO members couldn’t hide their delight at meeting someone as positive as Park Jin-hyuk and someone who recognized them like Dayong Kyung.
Having only focused on drug development with investor money and no experience in business, they’d run themselves ragged for two weeks and finally met someone who could see their worth.
Park Jin-hyuk, seeing their satisfied expressions, grinned and asked:
“You need investment, is that it? How much do you need?”
The NOVO team, who had only thought of DS as a manufacturer, were startled by Park Jin-hyuk’s sudden question.
They weren’t the only ones surprised—Dayong Kyung and Kim Jun-woo were shocked as well.
“Executive Director, are you thinking of investing through DS Pharmaceuticals?”
“No. Not through DS Pharmaceuticals. Secretary Kim, translate carefully. I want to invest in NOVO personally.”
Kim Jun-woo hesitated a moment before relaying Park Jin-hyuk’s words to NOVO.
He also explained that the man before them was the heir of DS Group.
DS Pharmaceuticals might be unknown, but DS Heavy Industries was a world-class company.
Realizing that DS Pharmaceuticals was part of the same DS Group, and that the man before them was the heir to that vast conglomerate, the NOVO trio stared at Park Jin-hyuk as if he were their savior.
“To complete Phase 3, we need 20 million dollars. Including trial production and initial production… How much are you willing to invest?”
They gazed at Park Jin-hyuk with hope-filled eyes.
Park Jin-hyuk simply nodded, holding up the document Dayong Kyung had reviewed.
“May I take this with me?”
NOVO was puzzled by his unexpected response.
As Park Jin-hyuk handed the documents to Kim Jun-woo and stood up, he said:
“I’ll review everything back home. You need 20 million dollars urgently, right? Understood. And as for the production request you made to DS Pharmaceuticals—I’ll review that as well.”
“Once your review is complete… Will you contact us?”
The three pairs of anxious eyes stared up at him from their seats.
Just when they thought their thirst had been quenched, they found themselves at the edge of another cliff, as if falling endlessly into a mine shaft.
Looking down at them from above, Park Jin-hyuk smiled.
“Of course. I’ll contact you once I’ve finished my review. Don’t worry.”
“Director Kyung, please, you have to contact us. Please. Please reach out.”
They believed in Dayong Kyung, if not Park Jin-hyuk.
They remembered the trustworthiness he’d shown at the Pfizer German lab.
But Dayong Kyung couldn’t give them a definite answer either.
After all, the investment would be personal, not through DS, so there was nothing he could say.
And if the investment didn’t happen, no matter how promising their new drug seemed, it wouldn’t even reach production.
But he couldn’t say any of this in front of them, so he just nodded as if he understood.
Park Jin-hyuk gave a light nod and left.
As Dayong Kyung was about to ask Park Jin-hyuk his intentions, Park Jin-hyuk spoke to Kim Jun-woo first.
“Look into everything about NOVO. And call Seoul, tell them to send my entire asset management team here—don’t forget the lawyers and accountants, get them here right now.”
“Yes, understood.”
“Executive Director, have you decided to invest?”
Startled, Dayong Kyung, who had been listening nearby, asked.
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