The Novo Foundation board.
More than five board members were waiting for me.
At the center, of course, was the chairman, Russ, and this meeting was essentially meant to persuade him.
"Pleasure to meet you. I'm Kim Min-jae of Taewoo Group."
"I was quite surprised that the chairman of Taewoo Group would come in person. I'm Russ, Chairman of the Novo Foundation."
We shook hands warmly as I studied his face.
I had reviewed his photos and detailed information more than ten times, but seeing him in person revealed even more nuances.
"Thank you for inviting me."
"Since Chairman Kim Min-jae came all the way to Denmark, it was only natural to extend an invitation. Even here in Denmark, the Apple Car, a joint project between Taewoo Group and Apple, has become quite popular."
Is this how people truly become famous?
Though it was my first time meeting Chairman Russ, he seemed to take a liking to me.
Thanks to that, we talked for over ten minutes, establishing a natural rapport before moving on to the main topic.
"I've come to discuss purchasing the insulin production rights held by Novo Nordisk."
"Hmm, I didn't know Taewoo Group had interests in pharmaceuticals."
"We've recently entered the pharmaceutical business through Centurion, the company producing Tamiflu, the antiviral medication that was popular during the recent flu epidemic."
"Ah! Centurion—so they handle production and sales of Tamiflu in Asia. I've heard of them, but I didn't realize they were closely affiliated with Taewoo Group."
Taewoo Group had made a name for itself in several industries: electronics, automobiles, semiconductors, construction, and more.
But in pharmaceuticals, its influence was limited, so it was understandable that Chairman Russ wasn't very familiar with the company.
"We are making efforts to contribute to the development of the pharmaceutical industry in Korea."
"So that's why you want to purchase the insulin production rights. But even so, can you really hand over the Novo Group's most valuable product to another company?"
"We aim to secure the insulin production rights for $500 million. Of course, the condition is that sales will be limited to Asia, excluding the U.S. and Europe."
"Asia includes China and Japan. How could we possibly allow that? If the condition were that sales are limited to Korea only, then I might consider it."
Five hundred million dollars—roughly 600 billion won—was an enormous sum.
Spending such an amount just to secure the right to sell in Korea alone would undoubtedly be a loss.
"Then how about this condition? In addition to the $500 million, we will donate 5% of annual sales revenue to the Novo Foundation."
"Five percent of sales revenue, not operating profit?"
"It may not be a large amount immediately, but if we can reliably produce and sell insulin, it becomes a considerable figure."
$500 million plus 5% of sales.
It was as good a deal as one could get, yet it still wasn't enough to satisfy Chairman Russ.
"It's a fairly good offer, but it's still not enough for me to hand over the rights to produce insulin in Asia."
"Then let me make a final proposal. I understand that Novo Nordisk is currently developing various diabetes treatments. Taewoo Group will cover all costs involved in every stage of clinical trials and development for all diabetes treatments."
"Do you know how much it costs to develop a new drug?"
"Considering all opportunity costs, I understand it could amount to up to $1 billion."
"And yet you say you will invest the full amount. Huh… that's an unexpected proposal. But since you said investment, I presume there will be other conditions attached?"
It wasn't support or donation—it was an investment.
And an investment, naturally, comes with conditions for recouping the invested capital.
"The condition is that Taewoo Group will own 30% of the equity in any successfully developed new drug."
"Thirty percent is not a small share, but new drug development often fails. There's even a possibility that no new drugs will be developed over the next ten years."
"That doesn't matter. Taewoo Group isn't making this decision merely to obtain insulin production rights, but to align with the mission of the Novo Foundation."
It was about ideology or vision, not money.
In Wall Street terms, this might sound insane.
But to the elders on the Novo Foundation board, it was a statement that commanded respect.
"Your intentions are commendable. However, we cannot enter into such a contract recklessly before a trust relationship is established."
"Finally, Taewoo Group maintains very deep ties with the United States. Partnering with us would greatly aid in obtaining FDA approval. I can't promise FDA approval outright, but I can ensure that the process moves more quickly."
The U.S. was a country of lobbying, and pharmaceutical companies spent enormous sums to influence politics.
Yet, even with extensive lobbying, obtaining FDA approval was notoriously difficult.
That was why my offer made the entire board sit up and take notice.
"Many Taewoo Group affiliates operate in the U.S., so you would naturally maintain closer ties with American politics than we do."
"Automobiles, electronics, semiconductors—all of these industries have deep connections with U.S. political circles. I would even say that our relationships extend higher than you might expect, Chairman."
"Let us discuss among ourselves for a moment."
I immediately stood and stepped outside.
This was the first time the board had shown interest in the proposal, and I gave them space to deliberate.
About ten minutes later, I was summoned back sooner than I had anticipated.
"Haha, I appreciate your positive view of the Novo Foundation. But allow me to say a few words for Taewoo Group. The European financial crisis has put the Novo Group in a difficult position. Naturally, it would be appreciated if Taewoo Group supports the costs of new drug development, but it seems like a significant burden for you."
"If we add the condition that Taewoo Group would hold the Asian production rights once the new drug is developed, it would not be a condition where Taewoo Group suffers a one-sided loss."
Every board member in attendance wore a faint smile.
The European financial crisis had affected the entire continent, and while Denmark's situation was relatively better, it was still harder than before.
In such a context, someone offering to invest billions of dollars was indeed commendable.
"One last question. Are you truly certain? For us, receiving $500 million, 5% of sales, and billions of dollars in investment makes us willing to accept the conditions proposed by Chairman Kim. But if this becomes public, it's certain that public opinion toward Taewoo Group will turn negative."
"That level of public opinion is something we can handle."
"Very well. Then we will accept your proposal."
Chairman Russ stood and extended his hand toward me.
As I reached out to shake his hand, I quickly added one more statement.
"There's one additional condition I haven't mentioned yet."
"What condition is that?"
"If the diabetes treatment currently in development is 'used for other purposes,' Taewoo Group will still retain not only the 30% equity but also the Asian production rights."
An unexpected addition to the agreement.
Before hearing the condition, Chairman Russ's expression had been serious, but after listening to all the terms, his face was filled with a smile.
"That's a reasonable condition. But in reality, the diabetes treatment is very unlikely to be used for other purposes."
"You never know. Just as heart disease treatments are sometimes used off-label."
"Very well. We will include that condition in the formal contract."
It was only then that I clasped hands with Chairman Russ.
All the board members watched our gesture with satisfaction, their smiles almost as if they thought they had the upper hand.
But the ones being outplayed weren't me—they were them.
Why do you think I included the clause for "other uses"?
The diabetes treatment Novo Nordisk was developing would soon sell like wildfire as a weight-loss drug.
From Hollywood actors to tech company CEOs, everyone would be clamoring for it.
And I had secured the rights to this miracle drug—rights that would be in such high demand—for just a few billion dollars.
On top of that, I had obtained the Asian production rights. In reality, I had come out far ahead in the deal.
After the meeting with the Novo Nordisk board, I returned to the hotel.
Han and David were anxiously waiting, and both spoke at the same time.
"How did the meeting go?"
"It ended sooner than expected. Did it go badly?"
"We've secured the Asian production rights for insulin. In addition, for any new drugs they develop, we'll cover all development costs in exchange for a 30% stake and the Asian production rights as well."
Though the words were the same, their reactions couldn't have been more different.
Han grinned widely, having trusted my assessment of Novo Nordisk's value.
David, on the other hand, voiced his concerns about the costs of developing new drugs.
"Isn't covering all the development costs a bit too much? Many new drugs fail, and FDA approvals are notoriously difficult to obtain."
"I trusted you, David, when making this deal. You'll also need to handle lobbying for the pharmaceutical side—if it's too much, we can consider hiring another lobbyist."
"Why would you say that? When Centurion got approval for its mutated flu treatment, I handled the lobbying with the FDA myself."
David's network expanded day by day.
In the U.S., there was no one with stronger or wider connections. He was the only lobbyist capable of going directly to the White House.
"If the new drugs succeed, we'll recoup the investment quickly. David's responsibilities are about to grow even heavier."
"I've been bored recently with nothing to do. Now life's finally getting interesting."
To outsiders, David might have seemed like he was loafing around.
But he was also a workaholic—when idle, he suffered intense withdrawal.
"Soon, there's also the U.S. presidential election. Don't worry, there's plenty of work to be done."
"Is there really much to watch in this election? Obama's reelection seems all but guaranteed."
"Still, make sure to consistently provide election funding. If you reduce contributions, you could earn their resentment. In fact, you might as well increase the election funds."
"You mean we should keep feeding the fish we've already caught. I suppose good food must be given continuously to a koi."
The U.S. presidential election would be held in December next year.
Though over a year remained, support needed to begin now to maintain a strong connection.
Some might say it's too early, but I was preparing for a much further future.
"And I plan to support one more politician."
"Supporting politicians isn't a problem; we already support many. Who is it this time?"
"Whether to call him a politician or an entrepreneur is debatable. You know Trump, right?"
"Trump? You mean the real estate mogul and TV/film personality? He did support the Republican candidate in the last election, but he's not exactly a politician."
I was preparing all the way for the 2016 U.S. presidential election.
Obama would win reelection in the next cycle, but he couldn't run in the following election, so there would be a change of administration.
The person who would take office next was Trump.
At the time, he was more widely known as an entrepreneur than a politician, but due to severe clashes with the Democrats, he gained fame within the Republican Party and eventually became president.
"He seems interested in politics. Since he has close ties with Taewoo Group, it shouldn't be difficult to get close to him. Tell him you'd like to meet sometime and start supporting him financially."
"Do we really need to provide support? He's essentially a wealthy businessman."
"Isn't it true that candidates generally don't like to fund their campaigns entirely on their own? If we provide support, he'll welcome it."
In truth, Trump didn't really need to go through David.
My grandfather had a very close relationship with him, and when he faced the brink of bankruptcy, it was thanks to my grandfather that he bounced back.
"If the boss says so, I'll do it. I'll meet him soon, talk about you, and start support."
"I'm planning to go to the U.S. soon, so we can meet him then."
The matters in Denmark were now concluded.
The remaining tasks could be left to Han, while I had to begin other work back in Korea.