The next day.
I led the busy Chairman Han to the pharmaceutical company Centurion.
CEO Seo Jeong-jun was waiting for us all the way in the lobby.
Even just seeing his bright face, one could sense how well Centurion was doing.
"CEO, you look very well. Perhaps it's because you run a pharmaceutical company—you must be taking good care of your health."
"I hurried to freshen up when I heard the chairman was coming. Please, let's go inside."
Guided by CEO Seo, we moved to the executive office.
Very naturally, he offered me the seat of honor.
"How could a guest sit in the top seat? You should sit there, CEO."
"I would feel uncomfortable. Moreover, you, Chairman, are the real owner of Centurion. How could I possibly sit in the top seat?"
After Seo's earnest insistence, I took the top seat.
On my left and right, CEO Seo and Chairman Han took their places.
"I've been hearing everywhere that Centurion has been doing very well lately."
"Thanks to you, Chairman."
"Now you should also start preparing for the KOSDAQ listing. I hear there are thousands of investors just waiting for Centurion to go public."
"If you give me permission, Chairman, I will prepare for the KOSDAQ listing."
"Of course, if the CEO wants to, he should do it. By the way, hasn't the sales of Tamiflu decreased significantly?"
Tamiflu, the treatment for the novel flu.
Naturally, with the epidemic having passed, sales had dropped.
"Still, there is steady demand from Japan and China. Not only for the novel flu, but many patients with regular influenza are also purchasing Tamiflu."
"Sales are still trending upward, but to achieve even greater growth, shouldn't we be looking for new revenue sources?"
"That's why we are steadily developing new drugs, and soon we'll also be able to produce biosimilar medicines."
All drugs had patents.
But the patent period was only 10 to 14 years at most.
Once a patent expired, any pharmaceutical company could manufacture and sell the drug.
These were called biosimilar medicines, and it was also Centurion's main line of business.
"If Centurion can obtain FDA approval for its biosimilars, its value will rise once again."
"Even just recognition of equivalence to existing drugs is expected to significantly increase the company's value."
"But have you considered manufacturing insulin? I've heard that the insulin market is expanding rapidly every year."
Insulin was an essential drug for diabetes patients.
However, no pharmaceutical company in Korea could manufacture insulin yet.
"I'm not completely uninterested, but the manufacturing process is extremely complex. Even though insulin development has been around for over ninety years, the company that holds the monopoly continuously registers new technologies to renew patents, so we haven't dared to attempt it."
"What if we could obtain production rights from the pharmaceutical company that holds the insulin patents? Would it then be possible to manufacture it?"
Currently, three companies had monopolized insulin production.
Korea imported 100% of its insulin from overseas.
"If we secure the production rights, it will take time, but production would definitely be possible. Dr. Kim Jang-woo, of course, and we've also recruited many experts this time. Thanks to your help, Chairman, we were able to bring them on board."
"Since they are mRNA experts, they will be a great asset for new drug development."
These were the talents David had recruited across Europe.
They were pioneers in mRNA technology, and we were incredibly fortunate to bring them on board.
In fact, mRNA technology had been developed five years earlier but had not received much attention.
As a result, these researchers had to continue their work even while cutting their own salaries.
That allowed us to recruit them with high salaries and excellent research support.
"That's why I said insulin production would be possible. These are talents who will greatly assist not only in new drug development but also in insulin manufacturing."
"So, you're saying that as long as we secure the production rights for insulin, manufacturing is feasible."
"If we succeed in producing and selling insulin, the revenue would be enormous. There are over five million diabetes patients in Korea alone, and the number is increasing significantly each year."
Chairman Han, who had been quietly listening, cleared his throat.
He wanted to speak, and I gestured for him to go ahead.
"Securing insulin production rights requires a tremendous amount of capital. If it takes at least three to five years to succeed in manufacturing insulin, it would take over ten years to turn a profit. And if a low-cost generic insulin is developed during that time, we could face massive losses."
"So now is the opportunity, isn't it? There's a pharmaceutical company in Europe controlling 30% of the insulin market."
"You mean we should take advantage of Europe's financial difficulties to acquire insulin production rights at a lower cost?"
I nodded.
But Chairman Han continued, clearly concerned.
"The company you mentioned is Novo Nordisk, located in Denmark. Unlike other European countries, Denmark hasn't been severely impacted by the financial crisis. Their stock has fallen somewhat, but not to a critical level."
"That's why this is the only real opportunity. Even if they aren't feeling a severe crisis, deep down they must be uneasy."
"That alone isn't enough. To secure the insulin production rights, we need to have something in our possession that can persuade them."
I nodded once again.
Just as Chairman Han said, we needed a strong hand to persuade Novo Nordisk to enter negotiations.
"Several European banks hold shares in Novo Nordisk. How could we acquire those shares?"
"Acquisition is possible. But given that the European financial crisis is expected to continue, buying shares now would involve taking significant risks."
"The European crisis will end eventually. And isn't this exactly why we've earned so much money—to make investments like this?"
Taewoo Securities had earned vast sums in Japan and Europe.
They had attacked both regions—taking risks, angering others—to carve out new markets, including shale gas.
"Do you expect Novo Nordisk's value to rise?"
"Within ten years, at the earliest, and no later than twenty, it will increase at least fiftyfold. And starting next year, its stock price will rise steadily."
"If that's your judgment, Chairman, then we will buy up every share of Novo Nordisk available on the market. We'll sweep up the stakes held by European banks and even those held on Wall Street. Currently, Novo Nordisk's market cap is roughly $60 billion. With $30–40 billion, we could acquire more than 50% of the shares."
Could a person really change this quickly?
Just moments ago, Chairman Han had been hesitant. Now, he had completely flipped, acting even more aggressively than I would have.
"Are you really willing to spend $30 billion? That's money you earned with great effort. Isn't it precious?"
"If the stock is going to rise fiftyfold, it's not a matter of $30 billion—we'd borrow as much as possible to secure it."
"And what if the stock price drops while doing so?"
"Has my prediction ever been wrong? Truthfully, I'd like to redirect even the funds set aside for shale gas into acquiring Novo Nordisk shares."
Chairman Han didn't want to be persuaded.
He just wanted to hear from me that Novo Nordisk's future value was high.
Hearing that it was a company set to grow fiftyfold, he released all brakes.
"Acquiring shares doesn't mean we can control Novo Nordisk as we please. The foundation that holds about 28% of the shares also controls 75% of the voting rights."
"Then, to secure the insulin production rights, we'll have to persuade the foundation."
CEO Seo Jeong-jun spoke up.
For Chairman Han, insulin production rights weren't a major concern. He was already focused on figuring out how to acquire as many Novo Nordisk shares as possible, even one more day at a time.
"I plan to persuade the foundation myself. I'll visit Denmark soon and meet with the board of directors to try and convince them."
"Being in the same pharmaceutical industry, I've heard a lot about the Novo Nordisk Foundation. In terms of total donations, it's the largest foundation in the world. It has given more than even the Bill & Melinda Gates Foundation."
Novo Nordisk had earned enormous profits through its insulin monopoly.
It sold insulin at high prices to diabetes patients, but it contributed its earnings to society through charitable donations.
That's why a careful approach was necessary.
It was also why I intended to go to Denmark personally to persuade them.
"I'm aware that the company places great importance on social activities. That's why we've already devised a tailored plan. In that process, we may need to use some of Centurion's assets."
"Use whatever you need. Even if it means selling the entire company, that's fine. Without you, Chairman, Centurion wouldn't exist as it does today. But insulin is a valuable drug—why are you personally taking such an interest? Honestly, I can't believe a company producing insulin will grow fiftyfold in value in the future."
I responded to Seo's question with a smile.
As someone living life twice over, I couldn't reveal the knowledge I had to him.
Honestly, everyone would think like CEO Seo.
They would naturally wonder why I was so fixated on a company that simply made a diabetes drug.
But diabetes treatment would bring a new revolution.
If shale gas brought a revolution to the oil industry,
Novo Nordisk would bring a revolution to weight-loss treatments.
All medicines could have side effects, minor or major.
The diabetes treatment that Novo Nordisk would develop would come with weight loss as a side effect.
But in this case, weight loss wasn't a side effect—it was the effect.
For people struggling to lose weight, it was a miraculous drug.
It was also the reason Novo Nordisk's corporate value would rise more than fiftyfold.
New Year 2012.
I set aside all my work and flew to Denmark.
At the airport, Chairman Han and David were waiting for me.
"Thank you for making the trip."
"The real effort was on your side, Chairman Han, and yours too, David. You've done a lot securing the shares of Novo Nordisk."
"We acquired the shares held by Wall Street with a small premium through David, and the shares held by European banks were obtained more cheaply than expected. Many banks were cash-strapped due to the European financial crisis, and the Quantum Fund provided crucial support."
At that moment, the most feared figure in Europe was George, the head of the Quantum Fund.
European banks had little reason to resist handing over Novo Nordisk shares, knowing it was unwise to antagonize him.
With the European financial crisis dragging on, cash was king. That made the share acquisitions relatively smooth.
"How much of the shares have we secured so far?"
"By spending $27 billion, we've secured 28% of the shares. Since we are still buying shares available on the market, we expect to hold around 30% by mid-year."
"With roughly 30%, we can negotiate on equal footing with the Novo Nordisk Foundation board."
"The schedule is tight. The meeting with the board is set for tomorrow."
Thanks to David's efforts, the meeting with the board had been arranged.
David had built a network across Europe, not just in the U.S., and used political and business connections to approach Novo Nordisk.
"There's no advantage in dragging this out. We'll settle it tomorrow."
"It won't be easy. Rumor has it across Denmark how meticulous the Novo Foundation board members are."
"Dealing with meticulous people is actually better."
We headed straight to the hotel.
To carefully win over the fastidious Novo Foundation board, we would need to invest a long, focused effort—and we had to rest before doing so.