Even after returning to Seoul, Park Jin-hyuk’s relentless pace continued.
Although they had agreed on the broad strokes of the acquisition, negotiations over the finer details were still ongoing.
He spent his time constantly communicating with Novo or acting as a mediator, relaying Novo’s opinions to DS Pharma. Furthermore, Jin-hyuk demanded many concessions from DS Pharma to accommodate Novo’s convenience.
“Please accommodate Novo’s requests as much as possible,” he instructed.
“Yes, sir. Understood.”
The reason he appeared to be so generous toward Novo was simple. Novo, the party involved, was still unaware of the new drug—one of the primary reasons Jin-hyuk was acquiring them in the first place.
Jin-hyuk hadn’t flown directly to Austria, where Novo’s headquarters was located, solely to persuade the founders.
Part of his goal had been to verify the new drug Novo was developing, which he had heard about during his conversation with Bayer.
Being a majority shareholder didn’t mean one could check on a new drug under development just anywhere or anytime.
Especially in the case of drugs that had only recently moved from the laboratory to animal testing, they could only be verified within a restricted laboratory setting.
That was why Jin-hyuk had traveled to the lab in Austria. There, he was able to confirm the existence of the drug Bayer had mentioned in passing.
**[20 Trillion]**
As he listened to the explanation that the drug was being developed to treat pancreatic cancer, Jin-hyuk looked through the related research papers. In truth, Jin-hyuk couldn’t understand the contents of an English paper filled with technical jargon.
However, with his special eyes, the moment he held the paper, he was able to recognize the value of its contents.
Tatulumide had shown high value, but it was nothing compared to the new drug currently under development.
“Actually, the pancreatic cancer market isn’t that large. Compared to stomach or liver cancer, the number of patients isn’t very high. Therefore, it isn’t particularly profitable. However, the survival rate is significantly lower than other cancers. We are developing this to be a source of strength for those who are suffering, so I hope you don’t find it too strange,” Werner explained.
Werner had a sheepish expression as he described the pancreatic cancer treatment. Knowing how awkward it sounded to tell an investor that they were developing a drug for the sake of patients rather than profit, Werner watched Jin-hyuk’s expression closely as he spoke.
He seemed worried that this might cause Jin-hyuk to reconsider the trust and support he had provided to Novo thus far.
However, Jin-hyuk remained expressionless, simply staring through the floor-to-ceiling glass at the laboratory inside. He didn’t show much reaction to Werner’s words, nor did he ask for further verification regarding the drug’s development.
Upon returning, he gave an order to Gyeong Dae-yong.
“Once the acquisition is finalized, President Gyeong, I’d like you to go to Austria yourself to verify the drug. No—before that, please check the papers I received. I don’t understand the content, but you might.”
“Me, personally?”
“Yes. I’m asking because I trust your expertise, given your long tenure as a laboratory director. When I went to Austria to check, they were developing a pancreatic cancer treatment. I believe that is Bayer’s true target.”
Since Gyeong Dae-yong was aware of what Jin-hyuk had mentioned previously, he had a rough idea that Bayer was more interested in this new drug than Tatulumide. However, since he didn’t know why it was attracting such interest, he simply listened to Jin-hyuk’s words.
“Bayer said the development direction was wrong. That answer came out after I provoked them with Monsanto, so I doubt they were lying.”
Bayer, once called a textbook example of mergers and acquisitions after acquiring Monsanto with sixty trillion in cash, was currently embroiled in lawsuits for an amount equal to their acquisition price after carcinogens were discovered in Monsanto’s pesticides.
Because of that, there were doubts at one point that the company might collapse, and even after pouring trillions into settlements every year, tens of thousands of lawsuits remained.
Since the information was blurted out by an agitated opponent after their Achilles’ heel was struck, Gyeong Dae-yong agreed with Jin-hyuk’s assessment.
But in reality, what Jin-hyuk had confirmed was something else.
A value higher than Tatulumide.
Through Jin-hyuk’s eyes, he saw a value in the drug Novo was developing that simply couldn’t come from a pancreatic cancer treatment.
As Werner had said, there were fewer pancreatic cancer patients than other types. Thus, its marketability was smaller than that of general cancer treatments.
Yet, since this new drug showed a higher value than Tatulumide, it meant that Bayer’s offhand comment about the development direction being wrong was likely correct.
He believed Gyeong Dae-yong could confirm that.
Taking Jin-hyuk’s words to heart, Gyeong Dae-yong continued to monitor the drug’s development while proceeding with the acquisition negotiations.
A short while later, he visited Jin-hyuk with a scientific journal containing a thesis on the drug.
“Executive Director. As you suspected, Novo’s development direction for the new drug is wrong.”
“In what way?”
“It would have been much more effective to target it as an insulin treatment for diabetes rather than pancreatic cancer.”
“Diabetes?”
“Yes. Recent research shows that pancreatic cancer and diabetes are inextricably linked. Some studies have even shown that pancreatic cancer patients are five times more likely to develop diabetes. A lot of research is currently being conducted on the correlation between the two… and Novo’s new drug seems like it would be more effective for diabetes than for pancreatic cancer.”
“The diabetes market is much larger, isn’t it?”
“There’s no comparison. In developed countries, diabetes has reached a point where it’s almost considered a natural part of aging.”
“I thought as much.”
If it were a diabetes treatment, the twenty trillion won value Jin-hyuk had seen didn’t seem so absurd. Diabetes was such a common disease that almost every family in Korea had at least one person suffering from it.
Following the simple formula that a high number of patients equals a large market, the diabetes market was larger than almost any other.
“Novo still doesn’t know this, right?”
“They likely haven’t realized it yet. I felt this often during my time in research, but once you set a goal and move forward, it’s hard to notice when your direction is wrong. In most cases, you only realize it after you’ve already arrived. Usually, an outside perspective is more accurate. Since Novo is currently focused on a pancreatic cancer treatment, they are definitely unaware that the drug they are working on is better suited for diabetes.”
“Then, President Gyeong, please continue researching the relationship between Novo’s drug and diabetes internally. At the same time, keep moving forward with the acquisition negotiations. We’ve agreed on the framework, and since I’m the largest shareholder and I have no complaints, there shouldn’t be any major issues.”
“Yes, sir. Since we’ve been following your instructions to yield to most of Novo’s demands, there hasn’t been any friction. The negotiations should wrap up quickly.”
Jin-hyuk nodded at Gyeong Dae-yong’s words.
800 million dollars.
He decided to transfer his shares to DS Pharma at the price range Bayer had originally proposed.
After checking with the legal team, he confirmed that transferring the shares to DS Pharma was not a legal issue.
However, they warned him to be careful about the price, noting that receiving an absurdly low or high amount could become a point of contention.
Since getting caught up in a legal battle would lead to both legal penalties and a damaged image, Jin-hyuk decided to transfer them at a reasonable price—and he set the benchmark for that price as Bayer’s final offer.
“Executive Director, is 800 million dollars acceptable?”
“It’s fine.”
“Then, how do you plan to handle that money?”
“I actually intend to discuss that with President Hyun, so I will give you an answer after we’ve reached a conclusion.”
Gyeong Dae-yong bid him farewell, stating he would finalize the negotiations with Novo, and left Jin-hyuk’s office. Not long after, Hyun Yi-soo visited Jin-hyuk.
“Executive Director! Are you really transferring your Novo shares to DS Pharma?”
Hyun Yi-soo asked the moment he entered, looking out of breath.
“Catch your breath before you speak.”
“I heard the news from Secretary Kim on my way here. If it’s not because you need the money, are you transferring Novo to DS Pharma to grow the company?”
“Something like that.”
“Something like that?”
“How is Dongjung Industries doing?”
Hyun Yi-soo, who had come to see Jin-hyuk because of the Novo sale, looked puzzled by the sudden question about Dongjung Industries.
“Nothing has changed much since the last time we spoke. They still haven’t given up on the Lamchatan project. However, since they haven’t been able to solve their funding issues…”
Hyun Yi-soo trailed off and looked at Jin-hyuk. On the way over, Kim Jun-woo had told him that Jin-hyuk was transferring his Novo shares to DS Pharma for 800 million dollars.
Seeing fifty million dollars turn into 800 million dollars made Hyun Yi-soo realize that Jin-hyuk’s investment choice had been correct.
He had never dreamed that Jin-hyuk could get so close to his lower-limit target of one trillion won in such a short period.
As he headed to Jin-hyuk’s office, Hyun Yi-soo had intended to suggest that Jin-hyuk keep this money safe so he could use it to pay inheritance taxes when he eventually inherited Park Jun-man’s shares.
However, answering the question about Dongjung Industries made him realize something, and he stopped talking.
Jin-hyuk saw the expression on Hyun Yi-soo’s face and knew he had caught on. He took out a cigarette, placed it in his mouth, took a long drag, and spoke as he exhaled the smoke.
“That’s right. I intend to solve Dongjung Industries’ problems.”
Hyun Yi-soo finally snapped out of it and shook his head vigorously.
“Executive Director, there’s no need for you to do that. Dongjung Industries is in a lot of trouble right now, but considering how long they’ve survived in the construction business, I’m sure they’ll find a way through this. Even if it is your mother’s side of the family, you don’t need to step in and solve it for them.”
“I know. I’m sure they’ll manage. I don’t doubt that.”
“Then there’s no reason to intervene. Hold on to the sale proceeds and use them for the inheritance tax when the Chairman transfers his shares. The reason I said you needed money was because I was worried your management rights would be threatened if you had to pay the taxes with the inherited shares due to a lack of cash.”
Jin-hyuk flicked his ash into the tray. He didn’t think his current decision was 100% correct, either.
He agreed with Hyun Yi-soo that the most rational move was to keep the cash and wait until he inherited from Park Jun-man.
Or perhaps it would be a better judgment not to sell the Novo shares at all and help them grow.
But Jin-hyuk couldn’t afford to be so complacent.
“The Chairman won’t inherit those shares to me without strings attached.”
“Pardon? What do you mean by that?”
“I am moving in a direction that is different from the path the Chairman has in mind.”
Hyun Yi-soo knew what Jin-hyuk meant. He knew Jin-hyuk was constantly throwing cold water on Park Jun-man’s plans or opposing his wishes. But he was still his child.
Battles between father and son had continued ever since humans first stepped on this earth, and they usually ended in reconciliation at some point. He thought it would be the same for Jin-hyuk and Park Jun-man.
Although they disagreed now, he was certain they would eventually agree on the greater cause of reviving the DS Group.
“Executive Director, the Chairman will eventually name you as his successor. It seems like you’re on different paths now because of the disagreement regarding the partnership with Cheongwoo, but won’t the Chairman eventually give in?”
“No. Unless I bow down and submit, the gap between the Chairman and me will never close.”
Hyun Yi-soo swallowed the words ‘Then why don’t you just submit?’. He assumed Jin-hyuk had his own plans, which was why he was so set against it.
“Eventually, the Chairman and I will have no choice but to fight.”
“Surely it won’t come to a fight…”
“No. It’s possible.”
Jin-hyuk was preparing for the worst-case scenario with Park Jun-man. Park Jun-man might hold Jin-hyuk dear, name him as the successor, support him, and recognize him as the next head of DS.
But that was the best-case scenario. In the worst-case scenario, he believed the Chairman might bind his hands and feet and cut off his limbs. Jin-hyuk knew that behind every seemingly peaceful succession, there was ultimately a struggle between father and son.
“Right now, the only things I can trust are your DS Construction and DS Pharma, where I’m currently stationed. But both of these are ultimately just affiliates under the control of the DS headquarters. If the worst happens, the place that will give me real strength will have to be on the outside.”
“So you’re planning to use Dongjung Industries?”
“Yes. I’m going to solve their difficulties and make them an external ally.”
“Is it really necessary to go that far?”
“Aim for the best, but plan for the worst. Those are the words of Admiral Stockdale, who was a prisoner of war during the Vietnam War. People are unnecessarily optimistic. They indulge in fantasies like ‘It’ll be okay,’ ‘I can do it,’ or ‘Someone will help.’ But reality drags those optimists down into the abyss.”
It was the first time Hyun Yi-soo had heard such a pessimistic take while working with Jin-hyuk. And that pessimism dug even deeper.
“In the worst case, the Chairman might do everything in his power to cast me out. A son? He’s someone who wasn’t interested in that from the start. And I’m not his only son. As someone who is raising children yourself, President Hyun, you know better than I do that an obedient child is easier to love.”
At Jin-hyuk’s words, Hyun Yi-soo could no longer offer any optimistic reassurances.