Mired in accounting fraud allegations, Samsung BioLogics is likely to miss out on important marketing opportunities at the 2018 Bio International Convention (Bio USA), the world's largest bio event.
According to the bio industry on May 30, Samsung BioLogics decided not to hold a global investor meeting before or after Bio USA to be held in Boston for four days from June 4. CEO Kim Tae-han of Samsung BioLogics will not attend the Bio USA, as it overlaps with the June 7 meeting of the Securities and Futures Commission which will discuss the accounting fraud allegations against Samsung BioLogics. "This year, we will run a booth at the company level," said a representative of Samsung BioLogics. "But we will not hold IR meetings, and global customer meetings will be held at the working level only."
The Bio USA, the largest bio conference in the world, will be participated in by about 1,700 world-class pharmaceutical and bio companies including Pfizer, Sanofi, Merck (MSD), Johnson and Johnson, Biogen and AbbVie. In the Bio USA, companies fiercely compete to publicize themselves, introduce pipelines, and seek opportunities for technology export.
CEO Kim visited the event every year to create business opportunities. In the Bio USA held last year in San Diego, CEO Kim held five direct global investor meetings. During the event, Samsung BioLogics held 30 meetings with multinational pharmaceutical companies at the company level.
Since last year, Samsung BioLogics has been actively seeking to land CDO orders after setting the goal of becoming a global contract development and manufacturing organization (CDMO). The company is implementing strategy to add the CDO business following concentrating on CMO when it was found. This year, Samsung BioLogics will make presentations and hold meetings to land CDO projects mainly at the working level in the Bio USA.