Through the investment, they will gain access to information on companies founded by the Flagship Pioneering fund and consider additional investment in the firms, Samsung C&T added.“Samsung C&T stepped into the life sciences industry by investing in biologics contract development and manufacturing organization (CDMO) business in 2011,” said Kim Jay-woo, executive vice president of Samsung C&T.“Samsung C&T, a major shareholder of Samsung Biologics, which has Samsung Bioepis as a 100% owned subsidiary, has chosen bio and healthcare areas as a sustainable growth engine and the investment in the Flagship Pioneering Fund VIII perfectly aligns with our mid-term growth strategy,” Kim added.
Samsung C&T Corp., its bio units Samsung Biologics Co.and Samsung Bioepis Co.and Samsung Venture Investment Corp.have committed a combined 72 billion won ($52.2 million) to US venture capital firm Flagship Pioneering Inc.’s fund to ramp up investment in global biotechs with innovative technologies, the construction and trading affiliate of Samsung Group said on Thursday.
Dubbed Flagship Pioneering Fund VIII, the $2.6 billion investment vehicle will focus on the development of new transformative biomedical platforms using novel tools such as artificial intelligence and machine learning, Samsung C&T said.
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