Samsung Biologics Launches About $1.9bn Cash Offer for Switzerland's PolyPeptide
CHF 44.31 a share, CHF 1.46bn for 100%, funded by a $2.1bn rights issue: a move into peptide contract manufacturing.
- Deal value
- $1.9bn
- Stake
- 100%
- Implied 100%
- $1.9bn
- Revenue
- $431m
- Op. income
- $10m
- Multiples
- EQV/EBIT 194.0xPSR 4.3x
구주
Offer CHF 44.31 × 33,125,001 shares = CHF 1.468bn, at KRW 1,850/CHF
2025 연결 · Single report, unverified
2025 연결 · Single report, unverified
On implied equity value
- Target
- PolyPeptide Group · Peptide CDMO
- Buyer
- Samsung Biologics · SI
- Seller
- Draupnir Holding (55.65%) and public shareholders (tender offer)
- Structure
- Secondary
- Announced
- Jul 20, 2026
- Closed
- —
- Stage
- Announced
Target
PolyPeptide Group is a SIX-listed peptide CDMO headquartered in Baar, Switzerland, with manufacturing sites in Sweden, Belgium, France, the US and India, over 70 years of API manufacturing heritage and more than 1,000 therapeutic peptides produced. FY2025 revenue was EUR 389.3 million and EBITDA EUR 46.8 million (12.0% margin).
Deal rationale
Samsung Biologics said the deal expands its CDMO modalities beyond antibodies and ADCs into peptides, citing demand for obesity and diabetes treatments including GLP-1, and adds US, European and Indian manufacturing footprint, combining its facility design and operations capability with PolyPeptide's peptide technology. The all-cash tender offer of CHF 44.31 per share (implied equity value about CHF 1.46 billion, 40% premium to the unaffected price) has a 66⅔% minimum acceptance condition; largest shareholder Draupnir Holding (55.65%) committed to tender, and delisting is planned after completion.
| Revenue | $431m |
| Operating income | $10m |
| EBITDA | — |
| Net income | — |
2025 연결 · Single report, unverified (not yet checked against DART)
Lead
Samsung Biologics is acquiring PolyPeptide Group, a peptide contract development and manufacturing organisation (CDMO) listed on the SIX Swiss Exchange. On 20 July 2026 it announced an all-cash tender offer of CHF 44.31 a share, valuing 100% of the equity at CHF 1.46bn, or about $1.9bn. The largest shareholder, Draupnir Holding (55.65%), has irrevocably agreed to tender.
USD figures are converted at KRW 1,450 = USD 1.
Why this matters
It is described as the largest overseas acquisition by a Korean pharmaceutical or biotech company. The offer is a roughly 40% premium to the undisturbed share price of 10 April. Samsung Biologics approved a $2.1bn rights issue on 28 August, of which about $1.9bn will fund the purchase.
Strategic context
Samsung Biologics is extending its CDMO business beyond antibodies and antibody-drug conjugates (ADCs) into peptides. As GLP-1 obesity drugs spread and demand for peptide manufacturing grows, it gains PolyPeptide’s plants in the US, Europe and India. The offer is being made through its Swiss vehicle, Samsung Peptide.
What’s next
The tender runs from 15 September to 12 October and requires at least 66.7% acceptance plus regulatory approvals. If Samsung reaches 90%, it plans to squeeze out the remaining shareholders and delist the company, with closing targeted for the end of November.
Advisors: J.P. Morgan (exclusive financial adviser to Samsung Biologics), EY Han Young (accounting and tax), O’Melveny & Myers and Schellenberg Wittmer (legal)