Samsung C&T signs MoU with Flagship Pioneering to invest in global bio startups

Samsung C&T Corp., a trading & investment unit under South Korea’s Samsung Group, will join forces with its affiliates to invest in global bio startups to gain market leadership.

Samsung C&T announced Tuesday that it signed a memorandum of understanding (MoU) with Flagship Pioneering Inc., a U.S.-based investment firm focused on bio-pharmaceuticals, through the Life Science Fund No. 2 established jointly with Samsung Biologics Co. and Samsung Bioepis Co.

Under the MoU, the companies will cooperate in fields such as artificial intelligence (AI) in the bio sector, translational medicine research, cutting-edge technologies for biopharmaceutical development platforms, and high-quality clinical trial infrastructure. The MoU also provides for Samsung C&T to engage with various innovative startups under Flagship Pioneering.

Flagship Pioneering is a bio-specialized venture capital (VC) that founded Moderna Inc., a U.S.-based pharmaceutical and biotechnology company, which developed an mRNA Covid-19 vaccine, and is considered one of the top three global VCs with 19 trillion won ($14.5 billion) in cumulative assets under management since its establishment in 2000.

The U.S. company is also known to have invested in 165 companies, successfully launching more than 100 companies, and taken about 30 companies public, including Denali Therapeutics and Foghorn Therapeutics.

Samsung C&T and its bio affilaites have collaborated with Flagship Pioneering since October 2021, including producing Moderna’s Covid-19 vaccine at Samsung Biologics, as part of efforts to overcome the pandemic in Korea.

Additionally, in August 2022, the Samsung companies invested $15 million in Senda Biosciences, Inc., a subsidiary of Flagship Pioneering, through the Life Science Fund No. 1.

Samsung C&T emphasized that this strategic cooperation reflects its determination to lead innovation in the biopharmaceutical industry.

“This newly formed collaboration is an important evolution of the ongoing relationship between two companies,” said Kim Jay-woo, executive vice president at Samsung C&T. “We look forward to seeing the accelerating effect of Samsung’s various technical expertise and extensive commercial capabilities on the future innovations Flagship and its ecosystem of companies will bring to market.”

Stephen Berenson, managing partner at Flagship Pioneering, also said: “This collaboration represents a significant milestone in the pursuit of innovation and scientific excellence.”

“As partners, we will bring together Flagship Pioneering’s unparalleled expertise in inventing and developing revolutionary bioplatform companies with Samsung’s strategic capabilities to reshape and empower the bio-pharmaceutical landscape, ultimately resulting in bigger leaps for patient care.”