The new flu had been declared a pandemic.
Fear of the disease spread not only through the United States and Mexico, but also across Europe and Asia.
And many countries were scrambling to secure supplies of Tamiflu, known as the only treatment for the flu.
"Chairman, the Ministry of Health and Welfare is heavily publicizing the government's success in securing ten million doses of Tamiflu. Even the Blue House spokesperson gave a direct briefing, crediting the government for it."
"They're moving fast, considering deliveries haven't even started yet. Well, politicians aren't the type to let an opportunity to boost approval ratings slip away."
"The Blue House contacted us, saying they plan to dispatch police special forces to escort the Tamiflu shipment."
It wasn't a bad strategy.
Footage of transport vehicles simply entering the Ministry of Health and Welfare wouldn't have much impact.
But convoys of transport trucks rolling in under the protection of heavily armed police commandos—now that was an image that would play well for the cameras.
"It's a perfect operation for news coverage. Looks like this administration intends to squeeze as much political benefit out of Tamiflu as they can."
"Even after supplying nine million doses to the government, we'll still have more than five million left. And with ongoing production, we'll be able to export over ten million doses every month."
"Since we promised to release twenty percent in Korea, that leaves about eight million doses available for export. Who's reached out so far?"
"We've had inquiries from Japan, the U.S., India, and across Asia, as well as from the U.S., Canada, and several European countries."
But we only held distribution rights for Asia.
That was the agreement from the start—and if we tried selling Tamiflu to the U.S. or Europe, we'd face massive penalties and even lose our production rights.
"So the quantities supplied by the Swiss pharmaceutical company aren't enough to cover the U.S. and Europe?"
"Not nearly enough. Some countries are even saying they'll have to ignore the patents and manufacture Tamiflu themselves."
But producing Tamiflu was no easy feat.
Even if they somehow obtained the recipe, it was unlikely they could create a viable treatment.
We ourselves had only succeeded in mass production after bringing in Dr. Kim Jang-woo, the very scientist who developed Tamiflu, and going through many trials and errors.
"The tighter the shortage of Tamiflu becomes, the louder those voices will grow. And the Swiss pharmaceutical company won't exactly welcome such a situation either."
"Wouldn't it be better to negotiate so we can sell to the U.S. and Europe?"
"They'll likely continue banning private sales as before, but grudgingly approve transactions with governments. Still, there's no need for us to make the first move. Wouldn't our value rise if the U.S. and European governments came to us first?"
People could be so fickle.
There was a big difference between extending a helping hand first and offering help after being asked.
The latter was always appreciated more.
That's why it was in our best interest to wait until the U.S. and Europe requested our help, rather than rushing to offer it ourselves.
"Then we'll keep stacking up inventory under Taewoo Group's name and wait until the requests come in."
"Also, tell Centurion to increase production beyond current levels."
"They're already operating beyond maximum capacity."
"Send Taewoo Group personnel to support them. That way, they might manage to squeeze out a bit more production."
"Manpower is solvable, but the factory size itself is the real limitation. Since Taewoo Group doesn't own a pharmaceutical plant, we can't offer meaningful help there."
It was true—Taewoo Group didn't have its own pharmaceutical company.
And borrowing the facilities of another Korean pharmaceutical company was out of the question.
If we tried that, the Swiss company might overlook it for now, but they would surely take action later.
"Then we'll have to acquire a pharmaceutical company. Look into one with a plant already in place, preferably at a reasonable price."
"The Planning Office has already reviewed potential acquisitions."
At those words, I smiled for the first time in a while.
They had anticipated my thinking and conducted the review without being told.
After working with me for so long, the Planning Director had learned to read my mind well.
"It's excellent that the Planning Office already looked into this. So, which company is the most suitable?"
"Sacheonri Pharmaceutical best fits the criteria."
"You can't mean the bicycle company. Must be one of Sacheonri Group's subsidiaries."
"That's correct. Sacheonri Group owns a pharmaceutical company."
To the general public, "Sacheonri" was synonymous with bicycles.
But there also existed a Sacheonri Group—sharing the same name, but on a completely different scale—and it was not to be underestimated.
Sacheonri Group had especially distinguished itself in the energy sector.
It was such a solid group that it had even posted profits during the foreign exchange crisis.
"I didn't know Sacheonri Group owned a pharmaceutical company."
"It's not that large in scale, but it does possess quite advanced technology. Back in the '80s, they developed synthesis technology for AIDS treatments, and they also succeeded in developing antiviral drugs. It's a pharmaceutical company with a long tradition, just not well known because of its smaller size."
"If it's small, then the factory must be small too."
"The factory isn't that big, but it is a cGMP-grade facility. They already have the equipment to start producing Tamiflu immediately."
A cGMP-grade facility.
That meant a plant that had passed the FDA's strict regulatory standards. And if it had cleared the notoriously rigorous FDA requirements, then producing Tamiflu there was more than feasible.
"Would Sacheonri Group be willing to sell their pharmaceutical company? If we approach them first when they have no real intention of selling, we'll only end up paying a premium."
"They've already shown signs of wanting to sell. Since early this year, they've been meeting with several pharmaceutical companies to discuss possible deals."
"So they're open to selling, and they own a facility that meets international standards. That makes them the most suitable option for us. The planning office did excellent work with this investigation. Since it's a busy time, we'll skip the company dinner, but at the very least, I should hand out a bonus. Hold on a moment."
I turned around.
Behind me was the chairman's private safe, one that had been in use since my grandfather's time.
I opened it, pulled out a bundle of cash, slipped it into an envelope, and handed it to the planning director.
"Distribute it evenly among the staff. It's not a huge amount, but at least it's enough for everyone to bring home a chicken dinner."
"Thank you! And with this amount, it's not just one chicken, but a hundred!"
Each staff member would be walking away with around two million won in cash.
Normally, I wasn't one to reward contributions this way, but it showed just how satisfied I was with the planning office's work this time.
"This deal is a race against time. We need to complete the acquisition as quickly as possible. I'll meet Sacheonri Group's chairman myself to settle the matter. Set up the meeting."
"I'll contact him right away to arrange it!" the planning director replied, his voice two tones higher than usual.
Indeed, nothing worked better for motivation than a bundle of cash.
***
The next evening.
A dinner meeting had been arranged at the annex of Captain Kang's restaurant with Chairman Lee Jang-deok of Sacheonri Group.
"Chairman Kim, it's a pleasure to meet you. After receiving your message yesterday, I barely slept a wink."
"I've heard a great deal about you from my grandfather. In the energy sector, there is no group with as deep a tradition and history as Sacheonri Group, and he spoke very highly of your skill and acumen."
"Chairman Kim Tae-jung said that? I've met him only a few times, but I'm grateful for such a generous assessment."
Lee Jang-deok's face flushed with delight.
Understandably so—Sacheonri Group ranked around 50th in the national corporate rankings.
And who could dislike praise from the founder of the country's number-one conglomerate?
"Taewoo Group is also deeply invested in the energy sector, which is why we have long had an interest in Sacheonri Group."
"Is that so? Then if you had reached out earlier, I would have come running immediately."
"But these days, energy business must be quite challenging, isn't it? I heard the city gas sector is saturated."
Although my objective was the pharmaceutical company, I didn't bring it up first.
Negotiations are easier when they don't know what you want.
"The city gas business is indeed saturated, making things quite difficult. We still earn some profits from the coal sector, but at this rate, it's a tough situation."
"The Lehman crisis must have made it even harder. I also heard you're planning to sell a few subsidiaries."
"We intend to sell subsidiaries in unrelated sectors to focus on energy. If Taewoo Group has interest in any of them, just let me know, and we'll sell under favorable terms."
The chairman subtly cast a bait.
If we took it without caution, he'd realize we were after the pharmaceutical company.
"Taewoo Group also focuses on choice and concentration. That's why you didn't sell the shipyard, right?"
"If it isn't about acquiring a subsidiary, then why request a meeting with me? Of course, it's an honor just to have dinner without any reason, but…"
I leisurely took a sip of water.
After a brief pause, I finally spoke.
"The world is increasingly sensitive to environmental pollution. That's why I wanted to ask whether you might consider collaborating with Taewoo Group on an LNG power plant project."
"An LNG power plant, you say? If we could proceed together with Taewoo Group, of course we would. …But right now, it's difficult. The group's finances aren't in good shape, so it'll only be possible after the subsidiary sales are completed."
LNG power plant development.
This was by no means an offhand remark.
Taewoo Group was already operating businesses with high electricity consumption—manufacturing plants, data centers, and more.
Moreover, they were continuing to expand, which meant a private power plant was becoming a necessity.
"I would like to see Sacheonri Group and Taewoo Construction collaborate to build a proper LNG power plant. But you mentioned your funds are insufficient, so that makes it difficult."
"I'll try to speed up the subsidiary sales as much as possible. Selling just Sacheonri Pharmaceutical alone could raise at least 50 billion won."
This was exactly the scenario I wanted.
The purpose of this meeting was to use the LNG power plant as bait to push Sacheonri Group into selling their pharmaceutical company quickly.
"Taewoo Group can assist with the sale of the pharmaceutical company. Using our network, we can create more opportunities for sale not only to Korean investors but also to foreign capital."
"If you can do that, I would be truly grateful."
"Hm… how about this: Taewoo Group first acquires Sacheonri Pharmaceutical and then resells it? I don't mean to undermine Sacheonri Group, but selling under Taewoo Group's name could fetch a better price, don't you think?"
The same item could have different values depending on the brand.
Chairman Lee understood this and didn't suspect anything.
"So, you're proposing that Taewoo Group acquire the pharmaceutical company first to provide liquidity."
"I understand you're negotiating with a few other pharmaceutical companies. We can match or even slightly exceed the amounts they've proposed, right away."
"Right away."
That was the key.
Negotiations with other pharmaceutical companies would have taken at least several months.
But Taewoo Group could pay immediately, which meant Chairman Lee wouldn't need long to decide.
"I'll have to discuss it back at the office, but I've decided to proceed this way. Even if Chairman Yoo opposes, I'll push it through myself."
"Then we'll arrange a meeting soon so that the teams can discuss the details."
Sacheonri Group was somewhat unique.
From its founding, it had two chairmen, and that structure continued to this day.
Since Chairman Lee had eagerly taken the bait, there was no need for me to persuade Chairman Yoo.