Samsung C&T Corp., along with its bio subsidiaries Samsung Biologics Co. and Samsung Bioepis Co., and Samsung Venture Investment Corp., has committed a total of 72 billion won ($52.2 million) to Flagship Pioneering Inc.’s latest venture fund. This strategic investment is intended to bolster global biotech ventures with innovative technologies, the Samsung Group affiliate announced on Thursday.
Flagship Pioneering Fund VIII, valued at $2.6 billion, will concentrate on developing transformative biomedical platforms through advanced tools such as artificial intelligence and machine learning. This move aligns with Samsung C&T’s strategy to enhance its presence in the life sciences sector.
The investment is facilitated through Samsung’s second life science fund, which closed at 72 billion won last year. This fund provides Samsung affiliates with access to insights on companies founded by Flagship Pioneering, allowing for potential further investments in these biotech firms.
Samsung C&T, a key stakeholder in Samsung Biologics, initiated its foray into the life sciences industry by investing in the biologics CDMO (contract development and manufacturing organization) sector in 2011. Executive Vice President Kim Jay-woo emphasized that bio and healthcare sectors have been identified as sustainable growth engines for the company. The investment in Flagship Pioneering Fund VIII is seen as a perfect fit for Samsung’s mid-term growth strategy.
Flagship Pioneering, based in Massachusetts, has a track record of founding more than 100 biotech companies, including Moderna Inc., the developer of the COVID-19 vaccine. The firm has successfully listed 25 companies on the Nasdaq since 2013, such as Denali Therapeutics and Foghorn Therapeutics.
This latest commitment by Samsung affiliates follows a $150 million investment in Senda Biosciences Inc., another Flagship Pioneering portfolio company, in August 2022. Earlier this year, Samsung C&T signed a non-binding agreement with Flagship Pioneering to utilize the second life science fund for further investments aimed at converting promising scientific research into practical applications in biomedical technology and clinical trial infrastructure.
