Samsung Backs GRAIL with $110 M Investment to Advance Cancer Screening in Korea and Asia
GRAIL, a healthcare corporation based in the United States, has finalized an equity financing agreement in which Samsung affiliates, including Samsung C&T Corporation, invested $110 million by purchasing GRAIL common stock for $70.05 per share.
GRAIL said in a statement on Friday that Samsung’s investment will help company achieve its growth and international expansion objectives.
GRAIL’s CFO, Aaron Freidin, stated that the investment will strengthen the company’s balance sheet and increase its cash runway as it pursues priorities such as obtaining regulatory approval and reimbursement for its Galleri multi-cancer early detection test in the United States and expanding access internationally.
As previously announced, GRAIL and Samsung C&T will collaborate to commercialize the Galleri test in South Korea, with potential expansion into additional Asian markets including Japan and Singapore, subject to regulatory approvals. Initial testing will continue to be performed at GRAIL’s clinical laboratory in Research Triangle Park, North Carolina, the United States.
Jaywoo Kim, Executive Vice President of Life Science Business at Samsung C&T, said the investment and strategic collaboration represent a significant milestone in advancing Samsung C&T’s vision of expanding access to early cancer detection. The partnership can bring the two companies closer to their shared goal of transforming cancer care through earlier detection, the executive added.
