The Magician’s Memorial - Chapter 344



Only Krnovel

344. The beginning of the revolution (3)

Board of Directors of the Robo Foundation.

More than 5 people with director positions were waiting for me.

Of course, their center was Russ, the chairman of the board, and in fact, it was an opportunity to persuade him.

“Nice to meet you. My name is Minjae Kim from Taewo Group.”

“I was quite surprised to hear that the chairman of Taewoo Group was coming in person. This is Russ, the CEO of the Robo Foundation.”

We held hands happily and looked at his face.

I have looked at his photos more than 10 times so far to check detailed information, but I was able to find out even more information by seeing him in person.

“thank you for the invitation.”

“Chairman Kim Min-jae is coming to Denmark, so of course I have to invite him. These days, the Apple Car, a joint venture between Taewo Group and Apple, is becoming a trend in Denmark as well.”

Is this why people need to become famous?

Although it was my first time meeting Chairman Russ, he had a crush on me.

Thanks to that, we talked for over 10 minutes, and after a somewhat natural atmosphere was established, we were able to get to the main topic.

“I came here to purchase the insulin production rights held by Robo Nordisk.”

“Hmm, I didn’t know Taew Group was also interested in pharmaceuticals.”

“We are conducting pharmaceutical business through Centrian, a company that produces Tamiflu, a treatment for the recently popular new flu.”

“Ah! Centrion is the company responsible for producing and selling Tamiflu in Asia. I’ve heard of it too, but I didn’t know it had a close relationship with the Taewo Group.”

Taewo Group was prominent in several businesses.

Electronics, automobiles, semiconductors, construction, etc.

However, considering only the pharmaceutical business, it did not have much influence, so it was natural that Chairman Russ did not know much about it.

“We are striving to contribute to the development of Korea’s pharmaceutical business.”

“So, I guess they are trying to purchase the rights to produce insulin. Even so, would they be able to hand over Robo Group’s biggest product to another company?”

“We would like to secure the rights to produce insulin for $500 million. Of course, the condition is that we will only sell it in Asia, excluding the United States and Europe.”

“Asian countries include China and Japan, so how can we give permission? If it is only sold within Korea for $500 million, I will think about it.”

500 million dollars was a huge amount of money, equivalent to 600 billion won.

Spending such a large amount of money only to obtain Korean sales rights was an unconditional loss.

“Then how about these conditions? In addition to $500 million, we will donate 5% of our annual sales to the Robo Foundation.”

“Are you talking about 5% of sales, not operating profit?”

“It may not be a large amount right now, but if we can produce and sell insulin stably, it will be an amount that cannot be ignored.”

5% of sales at $500 million.

It could be said that there was no better condition than this, but it was insufficient to satisfy Chairman Russ.

“It’s a pretty good deal, but it’s not enough to hand over the right to produce insulin in Asia.”

“Then, let me give you my final suggestion. I understand that Robo Nordisk is currently developing various diabetes treatments. Taewoo Group will fully invest in all costs for all processes, including clinical trials, for all diabetes treatments.”

“Do you know how much it costs to develop a new drug?”

“I understand that if you calculate all opportunity costs, it will cost up to $1 billion.”

“And yet you are willing to invest all the money. Huh, that is an unexpected offer. But since you said it is an investment, there must be other conditions attached.”

It is an investment, not a support or donation.

Of course, investments come with conditions for return on investment.

“The condition is that Taewo Group owns a 30% stake in the new drug that has been successfully developed.”

“A 30% stake is not a small stake, but there are many cases where new drug development fails. There is a possibility that no new drug will be developed for 10 years.”

“But it doesn’t matter. Taewo Group made this decision not just to obtain the right to produce insulin, but to share the cause of the Robo Foundation.”

Not money, but ideology or direction.

If you say something like this on Wall Street, you’ll be called crazy.

It was a statement that made the elders on the board of directors of the Robo Foundation nod their heads.

“I am very grateful. However, we cannot blindly conclude a contract like this when a trust relationship has not yet been established.”

“Lastly, Taewo Group has very deep ties with the United States. Joining hands with us will greatly help in obtaining FDA approval. Of course, we cannot say that FDA approval will be obtained unconditionally, but we will do our best to ensure that the process progresses quickly. “I can be confident that I can do it.”

The United States was a country of lobbying.

Among them, pharmaceutical companies were lobbying heavily in the political world.

However, no matter how much lobbying was done, it was difficult to obtain FDA approval.

That’s why the entire board of directors’ eyes lit up at the conditions I proposed.

“Many of Taewoo Group’s affiliates are doing business in the U.S., so they probably maintain a closer relationship with U.S. politicians than we do.”

“Automobiles, electronics, semiconductors, etc. These are businesses that are closely related to American politics. And I would like to tell you that the relationship with high-ranking politicians is deeper than you think.”

“We need to talk among ourselves for a moment.”

I quickly got up and went outside.

The board of directors of the foundation was the first to show interest in the proposal, and they made time to discuss it among themselves.

When about 10 minutes have passed.

The board called me back sooner than expected.

“Hehe, thank you for looking kindly at the Robo Foundation. However, I would like to say something for Taewo Group. Robo Group’s situation is also difficult due to the European financial crisis. Of course, it would be grateful if Taewo Group supported the cost of developing new drugs. “It seems like it would be too much of a burden on the Taewo Group.”

“If we add the condition that Taewu Group holds Asian production rights when a new drug is developed, it is by no means a condition in which Taewu Group unilaterally suffers a loss.”

All of the board members attending the board meeting had faint smiles on their faces.

The aftermath of the European financial crisis has been difficult for all of Europe, and although the situation in Denmark is said to be better, it has been more difficult than before.

In a situation like this, how amazing would it be that someone came along willing to invest billions of dollars?

“I will ask you one last question. Are you really okay? We can receive $500 million, 5% of sales, and billions of dollars in investment, so we are willing to accept the terms proposed by Chairman Kim. However, if this fact becomes known, public opinion toward Taewo Group will worsen. It’s clear.”

“We can handle that much public opinion.”

“Okay, then I’ll take you up on your offer.”

Chairman Russ stood up and extended his hand to me.

Before I reached out and shook Chairman Russ’s hand, I quickly added a word.

“There is one more condition I didn’t mention.”

“What are the conditions?”

“If the diabetes treatment currently being developed is used for other purposes, Taewo Group will own not only a 30% stake but also the production rights in Asia.”

Conditions added suddenly.

Before hearing the conditions, Chairman Russ’ expression was stiff, but after hearing all the conditions, his face was full of smiles.

“You make a statement. But diabetes medications are rarely used for other purposes.”

“You might not know it, just like heart disease medication is being used for other purposes.”

“Okay. Let’s add that condition to the formal contract.”

Only then did I hold hands with Chairman Russ.

All the directors on the board looked at us like that with satisfaction.

It was a smile that looked like he had caught a bully.

But it was they, not me, who were the thugs.

Why would I put a condition on it being used for other purposes?

In the future, the diabetes treatment developed by Robo Nordisk will be sold like hot cakes as a diet treatment.

From Hollywood actors to IT company presidents.

I acquired a stake in a miracle drug that I couldn’t live without for only a few billion dollars.

In addition, since I had secured production rights in Asia, I should have seen that I had more business.

* * *

After meeting with the Lobo Foundation board of directors, I returned to the hotel.

President Han and David were anxiously waiting for me, and they opened their mouths at the same time.

“How did the meeting go?”

“The meeting ended sooner than expected. Did it not go well?”

“We decided to take over the production rights to Asia for insulin. And in exchange for paying the cost of new drugs developed in the future, we decided to take a 30% stake and the rights to produce new drugs in Asia.”

Although they said the same thing, the two people’s reactions were completely different.

President Han smiled broadly as I told him the value of Robo Nordisk.

However, David expressed concern about the cost of developing new drugs.

“Isn’t it too burdensome to invest in the cost of developing a new drug? There are many cases where development fails, and there are many cases where it does not receive FDA approval.”

“I trusted David and signed this contract. Now I have to lobby for pharmaceuticals as well. Do you mind? If it’s too burdensome, I’ll consider hiring another lobbyist.”

“Why are you saying such sad things? I lobbied the FDA a while ago when it approved the new flu mutant virus treatment developed by Centrion.”

David’s network expanded every day.

In particular, it could be said that there was no one in the United States with wider and deeper connections than him, and he was the only lobbyist who could lobby directly with the White House.

“If we are successful in developing a new drug, we can quickly recoup the investment. David’s shoulders will become even heavier in the future.”

“I’ve been bored lately because I haven’t been given orders. Now, life in this world is going to be a little more fun.”

To others, David appears to be having fun.

However, he was also a workaholic and suffered from severe withdrawal symptoms when he stopped working.

“There will be a US presidential election soon. Don’t worry, there is a lot of work to do.”

“Is there anything special to watch about this presidential election? Obama’s re-election is certain.”

“Still, please continue to support the presidential election fund. If you reduce the fund for no reason, you could get into trouble. Instead, increase the amount of presidential election funding.”

“You’re saying that we should feed the fish we’ve already caught. Of course, we still need to feed the koi fish good food.”

The US presidential election will be held in December next year.

Although there is still more than a year left, support must be made sure from now on to maintain the bond.

Some might say it was too fast, but I was preparing for the further future.

“And I want to support one more politician.”

“We still support a lot of politicians, so it wouldn’t be a big deal if we added one more person. Who can we support?”

“I don’t know whether to call him a politician or an entrepreneur. You know Trump, right?”

“When you say Trump, do you mean the real estate mogul who appears on TV and in movies? He may have supported Republican candidates in the last election, but he is not a politician, right?”

I tried to prepare until the 2016 US presidential election.

Obama will be re-elected in the next presidential election, but since Obama cannot run in the next election, there will be a change of government.

And the person who took over the new regime was Trump.

He was now known more as an entrepreneur than a politician, but due to severe friction with the Democratic Party, he became famous within the Republican Party and even became president.

“He seems interested in politics. He has a deep relationship with the Taewoo Group, so it won’t be difficult to get to know him. Just start supporting him by saying that you would like to meet him next time.”

“Do we really need to sponsor him? He is literally a chaebol.”

“Isn’t it true that elections are something people don’t want to run with their own money? They would welcome it if we offered to sponsor them.”

In fact, Trump didn’t even need to go through David.

My grandfather and Trump had a very deep relationship, and when he was on the verge of bankruptcy, he survived thanks to my grandfather.

“If the boss tells you to do it, you have to do it. We will meet soon, talk about the chairman, and start sponsoring him.”

“I’m planning to go to America soon, so I guess we can meet up then.”

The work in Denmark is finished.

The rest of the work could be left to one boss, and I had to start another job in Korea.