Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY Temasek (Singapore) Extraordinary Endeavors in Turbulent Times Temasek (Singapore) Tapping Investment Expertise andDiverse Networks toHelp Fight the Virus By Winnie Peng, Pauline Yeung, and Theodore Chow The following case study is based on written correspondence with Temasek in August 2020, and interviews with Lim Boon Heng, Chairman of Temasek Holdings (Private) Ltd., on May 7, 2020, and with Fidah Alsagoff, Joint Head of the Enterprise Development Group and Head of Life Sciences at Temasek International, on October 27, 2020. Introduction On June 29, 2020, BioNTech, a German biotech company that specializes in patient-specific immunotherapies, announced a private investment of $250 million by Temasek and other accredited investors. 1 Since BioNTech was developing a vaccine for COVID-19 at the time, this was described as a “vaccine bet” on Temasek’s part. 2 Around four months later, on November 9, Pfizer and BioNTech announced that their vaccine candidate was found to be more than 90 percent effective against COVID-19 in participants without prior evidence of SARS-CoV-2 infection. 3 This was great news for investors, and it also offered a ray of hope to millions of people around the world. Temasek’s investment in BioNTech is just one example of how the government-owned but private-sector-oriented company went full out as an investor and a steward to fight the coronavirus. In fact, its investment expertise and diverse networks allowed Temasek to play an active role in areas that were new to the company: ensuring supplies for diagnostic kits, supporting the development of local manufacturing capabilities for much-needed equipment, and supporting medical research on COVID-19. In the process, Temasek demonstrated its solidarity with its portfolio companies as well as its commitment to giving back to the local and international community. As Lim Boon Heng, Chairman of Temasek, recalls, in mid-February, two of Temasek’s portfolio companies in Singapore saw sharp falls in sales and revenue and realized Asia Business Council Temasek Region Singapore Year of Founding 1974 Headquarters Singapore Type of Company Global investment firm owned by the Singapore Government but managed according to commercial principles Number of Employees c.800 Net Portfolio Value in 2020 (SGD) 306 billion Net Portfolio Value in 2020 (USD) 214 billion Major Business Investments COVID-19 Initiatives in a Nutshell Medical Initiatives to Prevent Virus Transmission and Enhance Treatment; Mental Health Support Programs to Help Build Community Resilience; Distribution of Free Hand Sanitizers and Reusable Masks to All Households in Singapore and Surrounding Regions (Batam, Indonesia, and Johor, Malaysia) to Aid in Prevention; Food Aid Programs for Vulnerable and Disadvantaged Groups; Donation of Personal Protective Equipment (PPE) to 35 Countries Worldwide; among others