Seoul, November 18th : .Lee Jae-yong, de facto leader of Samsung Group, met with representatives of Moderna, a biotech company, and Verizon, a telecom career, in order to improve cooperation with global partners.
This was part of the efforts to ensure the next growth engine for the conglomerate. Lee, the vice-chairman of Samsung Electronics met Noubar Alfeyan (chairman and co-founder) at Flagship Pioneering’s headquarters in Cambridge, Massachusetts.
Flagship Pioneering, which is also a venture capital company that focuses on biotechnology, was founded by Afeyan.
According to Yonhap news agency, the two discussed how to increase cooperation in Covid-19 production and development, and in all other bio-sector areas going forward.
Samsung Biologics is the biotech arm Samsung Group.It made an agreement with Moderna to produce hundreds of millions doses Moderna’s Covid-19 vaccine for markets other than the US.Since October, the company has been manufacturing the vaccine.
Samsung announced in August that it would invest an additional 240 trillion won (about $1205 billion) over three years in both the bio and chip industries.
This was in order to ensure future growth engines as well as expand its technology leadership post-Covid-19.
Samsung stated that the money would be used to support its strategic business, which includes semiconductors and pharmaceuticals as well as IT research.
However, it didn’t specify how much will be spent in each area.
Samsung announced that it would also increase its pharmaceutical business via its affiliated companies Samsung Biologics, and Samsung Bioepis.
It stated that it would continue making aggressive investments in the sector of contract development and manufacturing organisations (CDMO), and will expand its leading position as a biopharmaceutical production center by building fifth and sixth factories.
We plan to not only offer biopharmaceutical drugs, but also enter the CDMO market for vaccines and gene therapies.
Samsung Biologics currently is building its fourth facility, making it the global leader in CDMO with 620,000 liters.
Lee visited Verizon’s headquarters in New Jersey on Wednesday to meet with its CEO Hans Vestberg.
Samsung Electronics, which is the biggest network solution deal by any South Korean company, signed an agreement with Verizon last year to provide 5G communications equipment.It was worth 7.9 trillion won.
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