Samsung C&T along with its two subsidiaries, Samsung Biologics and Samsung Bioepis, will invest 72 billion won ($52.2 million) into a U.S. fund, which invests in promising bioplatform companies, the Korean firm announced Thursday.
According to Samsung C&T, the investment will be directed toward Flagship Pioneering Fund VIII, managed by the U.S.-based biotech investment firm Flagship Pioneering. This investment will be made through the Samsung Life Science Fund II, which was established by the three companies in collaboration with Samsung Venture Investment.
The $2.6 billion Fund VII focuses on investing in artificial intelligence-based drug development platform technologies.
Through the investment, the Samsung companies will gain access to the information of Fund VIII-founded companies and will consider additional investments in each of them.
Established in 2000, Flagship Pioneering operates with $14.1 billion in combined assets under management, establishing itself as 커뮤니티 one of the top three venture capital firms in the world. The company is better known for being an investor behind COVID-19 vaccine maker Moderna and it has incubated more than 100 scientific ventures.
In August 2022, Samsung invested $1.5 million in Senda Biosciences, a Flagship Pioneering company, and signed a strategic partnership between the two sides in January.
“Samsung C&T has chosen bio and health care areas as a sustainable growth engine, and the investment in the Flagship Pioneering Fund VIII aligns perfectly with our medium-term growth strategy,” said Kim Jay-woo, executive vice president of Samsung C&T.
“We look forward to having more investment opportunities in future technologies that go beyond the limitations of conventional health care and ultimately change the world.”