Park Jin-hyuk kept walking without stopping, pulling Kyung Dae-yong closer to his side.
Then, in a voice only Kyung Dae-yong could hear, he spoke softly.
“President Kyung, only you must know this. I decided to invest the moment I met them. The real issue is how good the terms will be when I acquire shares. They might come looking for you and bother you, but just act as if you know nothing. And only discuss matters related to producing Sajeong-man’s and Novo’s new drug.”
“You intend to proceed with new drug production without knowing what the FDA’s decision will be?”
“The fact that the FDA hasn’t decided yet is exactly why this opportunity has come to us. So how could I let it slip by? And have you forgotten? I’m talking about Pfizer. As long as we have the results, we can secure their orders, too. If we get Novo, we’ll be killing two birds with one stone.”
Kyung Dae-yong tried to turn his head to look at Park Jin-hyuk.
He wanted to see Park’s face and read what he was thinking.
But as Kyung tried to turn, Park Jin-hyuk pulled him closer again.
“And, President Kyung, please serve as a mental anchor for Novo for the time being. So they have someone to trust and lean on.”
Park Jin-hyuk paused for a moment, then turned his head to look at Kyung Dae-yong.
Only then did Kyung Dae-yong finally get to see Park Jin-hyuk’s face.
Park’s face was brimming with laughter, as if it might spill over.
Kyung Dae-yong thought he could faintly understand the meaning behind Park Jin-hyuk’s smile.
“Over the next few days, whenever they struggle, just console them, then tell them about me. Can you do that?”
“I understand what you mean.”
“Good. Since coming to San Francisco, I’ve been thinking you and I could be good partners. I’m not the only one who feels this way, am I?”
“I think I’m starting to understand just what kind of place I’m sitting in.”
“That’s right. That’s all there is to it. It’s not difficult. It’s just that you’re wearing clothes for a different season for a little while—it doesn’t mean they don’t fit. Now that you know the weather, just wear what fits and you’ll do fine.”
Park Jin-hyuk put his arm around Kyung Dae-yong’s shoulder and walked out with him.
Kim Jun-woo watched them from behind, smiling silently at the sight of the two.
That evening, just as Park Jin-hyuk had predicted, Novo’s people began pestering Kyung Dae-yong.
They started by asking about the review results, then proceeded to explain non-stop over the phone about the new drug they were developing.
Kyung Dae-yong, his ears sweating from the constant calls, wanted to hang up, but recalling Park Jin-hyuk’s words, he praised their technology loudly.
He reassured them that things were moving along in a good atmosphere.
While Kyung Dae-yong was busy comforting Novo’s people, Kim Jun-woo was making inquiries about Novo through DS’s staff stationed in Austria.
He visited in person and also had other companies based in Austria check on Novo.
They gathered information on Novo by working on the ground and delivered it all to Kim Jun-woo.
Unaware that Park Jin-hyuk was looking into them from behind the scenes, Novo’s employees even visited the Marriott Hotel where DS was staying.
“Mr. Werner. We’re still reviewing. You know investments don’t happen easily.”
“Could you at least tell us when you’ll be done?”
“How about we meet tomorrow to talk? Let’s have breakfast together and discuss what we reviewed overnight.”
Werner was pleading, stopping Park Jin-hyuk as he came down to the lobby for a meal.
“There’s something I haven’t given you. I hope you’ll look at this and use it for your review.”
Park Jin-hyuk glanced at the document Werner handed him.
It detailed the results achieved up to the point clinical phases 1, 2, and 3 had been halted.
Handing over documents that were hard to disclose to others showed that, to them, Park Jin-hyuk was the last hope.
It made sense, given that Park Jin-hyuk was the only one to offer positive words among all those they had met so far.
They also heard, via phone with Kyung Dae-yong, that Park Jin-hyuk had deep interest.
With their bank loans and funds from first and second-round investors completely dried up, Novo’s co-CEOs saw no answer other than Park Jin-hyuk’s investment and decided to cling to him.
“These are documents we haven’t given to anyone else. They’re as precious as our lives, so I hope you’ll make the best decision.”
Karin, who was beside them, added a word.
Park Jin-hyuk comforted them, promised to meet the next morning, and left the hotel.
He handed the documents he received to Kyung Dae-yong.
“I don’t really know what I’m looking at here. Could you take a look?”
Handing the documents to Kyung Dae-yong, Park Jin-hyuk turned to Sajeong-man, who had followed him out.
“What’s the annual production capacity for Biologics?”
“With the completion of our second plant, Biologics’ annual production has risen to 200,000 liters.”
“There won’t be any issues meeting orders from both Novo and Pfizer, right?”
“No, there won’t be any problems.”
“In that case, President Sa, please prepare to begin production as soon as you return.”
“Right away? But we haven’t even reached a conclusion yet.”
“I’ll be bringing back the conclusion myself.”
“Yes, understood.”
Since learning that Park Jin-hyuk was putting effort into DS Biologics, the discouraged look on Sajeong-man’s face had changed a lot.
Even during the conference, he was the most active and did his best to introduce the company he was in charge of.
Knowing that participating in the conference was for Biologics’ sake, Sajeong-man even felt grateful toward Park Jin-hyuk.
“And get preparations underway for the plant expansion, too.”
“Plant expansion?”
At those unexpected words, Kyung Dae-yong, who was walking while looking over the documents, looked up at Park Jin-hyuk.
They were only just now trying to secure orders—so talking about expanding the plant seemed a bit premature.
But Park Jin-hyuk kept a serious expression, alternating his gaze between Sajeong-man and Kyung Dae-yong as he spoke.
“You have to prepare everything in advance. The contract with Pfizer you brought earlier stipulates an annual volume of 50,000 liters, right?”
“Yes, that’s right. That’s the annual production they require.”
After a few rounds of document revision, Park Jin-hyuk had signed a contract with Pfizer for manufacturing orders.
Of course, it was clearly stated that production would be for products approved by the FDA, before Pfizer’s own products.
So far, DS Biologics’ manufacturing was limited to some volume from DS Pharmaceuticals.
But DS Pharmaceuticals’ products were only sold domestically, so Pfizer was demanding products that met international standards.
“If Novo passes the FDA and we get production approval, how much do you think it’ll be? Even Pfizer, whose product is limited to Korea, is talking 50,000 liters—wouldn’t Novo be in the hundreds of thousands?”
“If we get FDA approval, getting licenses in other countries is no problem. If sales expand to Europe and Asia… Executive Director, that’s only if everything goes smoothly.”
“Work under the assumption it will. President Kyung, when you first came to DS Pharmaceuticals and shifted the company’s focus to CMO, you did it because you believed it would work out, didn’t you? Don’t forget that initial resolve and keep pushing forward. I’ll be your support.”
Kyung Dae-yong reeled as if struck by those words.
He realized what he’d been doing wrong all along.
He’d lost his drive and grown timid.
The feeling that the role of president was ill-fitting was just the byproduct of his changed attitude.
And now everything he’d vaguely known before became perfectly clear.
“The matter of plant expansion was considered from the initial design phase. I’ll review it as soon as we’re back in Korea and propose expansion to headquarters.”
“Good. I’ll trust you with it.”
Park Jin-hyuk laughed, seeing the confidence in Kyung Dae-yong’s voice.
*****
“Twenty million dollars. I can send it right now. Secretary Kim, are you ready?”
“I’m ready.”
Sitting relaxed in front of Novo’s three co-CEOs, Park Jin-hyuk pointed at the tablet Kim Jun-woo held out.
“If I hit this Send button, the funds will be transferred to your account immediately. So, is my proposal worth considering now?”
Novo’s co-CEOs looked at each other.
This was their third meeting with Park Jin-hyuk—after the fruitless first day and the pleading of the second.
The conference had already officially closed, with participants scattering, hoping for next year.
Novo confirmed again that Park Jin-hyuk was their only hope, and had staked out the hotel lobby from before dawn waiting for him.
They recalled Park Jin-hyuk’s proposal from the second day.
“I want to acquire your company. The acquisition price is 100 million dollars. The condition is that all of your shares are transferred to me.”
Novo’s co-CEOs immediately jumped up and rejected the offer.
Karin, in particular, shocked by Park Jin-hyuk’s words, even cursed at him as he left.
But they had no other option.
The conference was over and there was no chance of finding new investors.
Werner calmed the other two, then contacted Kyung Dae-yong, and through his arrangement, this third meeting was happening.
“We have no intention of selling the company.”
“Is that so? Then what is it you want?”
“We just want investment to normalize the company.”
“You’re underestimating what it means to invest. What exactly should I base my investment on? Just your words? Or this scrap of paper?”
Park Jin-hyuk held up the clinical trial results they had handed over yesterday.
The day after receiving the trial results, Kyung Dae-yong had told Park Jin-hyuk with conviction,
[Novo only missed FDA approval due to bad timing. This is a product sure to get approved and become a hit! I don’t understand how a project like this is still floating around without investors!]
Park Jin-hyuk chuckled at the hollow look in Kyung Dae-yong’s eyes.
He immediately ordered Kim Jun-woo to prepare funds to be transferred at a moment’s notice.
After making all the preparations, Park Jin-hyuk met with them and, in the first round of negotiations, left after only a brief conversation.
Then, in the second round, he made an excessive offer, intentionally causing negotiations to break down.
Kyung Dae-yong, watching anxiously, sent desperate looks at Park Jin-hyuk, urging him not to lose Novo, but Park Jin-hyuk pushed Novo by making an offer they could never accept.
Now, the third round of negotiations.
Park Jin-hyuk had already decided to let this round break down as well.
“I have 30 million dollars ready to invest immediately. There’s also an additional 50 million in reserve. But if I’m going to invest that kind of money, I need to get something in return. I can’t just act on your words and numbers I don’t even understand.”
“What do you want? Tell us what you want.”
“Alright. Since you couldn’t accept my first proposal, I’ll take a step back this time. I want 40% of the shares.”
“That’s ridiculous…”
Karin looked ready to swear again, but Werner calmed her down and spoke.
“Eighty million dollars for 40% of the shares—isn’t that too much? Even if we agree, the existing investors are unlikely to approve. To give you 40%, we’d have to issue new shares, but the existing shareholders would never agree.”
“You don’t need to worry about the existing investors. They’ve already accepted my proposal.”
“What are you talking about?”
At Park Jin-hyuk’s signal, Kim Jun-woo opened an email on the tablet sitting on the table.
“This is an email from the Industry-University Cooperation Center under the Austrian government, who previously invested in you.”
The email contained words of gratitude for Park Jin-hyuk and a statement that if his investment could save Novo, they’d accept any proposal.
“At this point, the ones who’ve given me their answer are the Industry-University Cooperation Center, BDS Investment Bank in Austria, and investor Mr. Billstone.”
“Are you saying they’ve really accepted your offer?”
“I haven’t heard from everyone yet, but it’s clear: all the investors would rather accept me as the new investor than lose their money.”
Park Jin-hyuk looked at the faces of the three co-CEOs, which were growing more downcast.
“Don’t you think those investors also heard that Novo left the JP Morgan Healthcare Conference with nothing to show for it? They know you’re out of time. Some of them even approached me first about buying shares.”
Werner and the other co-CEOs closed their eyes at Park Jin-hyuk’s words.
No matter how loudly they protested, they couldn’t hide their lack of funds from Park Jin-hyuk.
They’d already poured all their investments and even sold their own homes and cars for the company.
With nothing left, Park Jin-hyuk was truly their last hope.
But a 40% stake was a condition they simply couldn’t accept.
Park Jin-hyuk, seeing that they had no answer, stood up from his seat.
“So, this negotiation is over too. Let’s have one final negotiation this evening. Then I’ll bring a legal representative. You should bring your own legal counsel as well. Whether it’s concluded or not, that will be the final round.”
With those words, Park Jin-hyuk turned and walked straight out without looking back.