PolyPeptide Is Said to Shortlist EQT, IDG for Next Bidding Round
(Bloomberg) — PolyPeptide Group AG has shortlisted private equity firms EQT AB and IDG Capital in the next round of bidding for the Swiss contract drugmaker, according to people familiar with the matter.
Altaris LLC has also been pursuing PolyPeptide, the people said, asking not to be identified discussing private information. The company has a market value of about $1.6 billion after a recent rally, but it is still off highs of about four years ago.
The private equity firms are speaking with advisers, assessing financial materials and conducting due diligence, the people said. Considerations are ongoing and no final decisions on binding bids have been made, they said.
A spokesperson for PolyPeptide said the company remains focused on executing its strategic plan and delivering long-term value to its shareholders and customers, declining to comment further.
Representatives for EQT and IDG declined to comment, while Altaris didn’t respond to a request seeking comment.
PolyPeptide said in April it was in the early stages of working on a review and there were no assurances about the outcome. That statement followed a Bloomberg News report about takeover interest from investment funds.
Billionaire Frederik Paulsen is the controlling shareholder of PolyPeptide, which specializes in therapies ranging from treating metabolic diseases like obesity and diabetes to cancer and cardiovascular and neurological disorders, its website shows. It has manufacturing sites in Europe, the US and India.
Switzerland has been fertile ground for healthcare-related deals. In March, Lone Star Funds agreed to acquire a unit of Lonza Group AG in a transaction valued at 2.3 billion Swiss francs ($3 billion) including debt. In December, SK Capital Partners agreed to buy a majority stake in Swixx Biopharma SA.
Founded in 1993, IDG has backed global companies including fashion brands Moncler, Acne Studios and Gentle Monster. Last year, the Asian private equity fund acquired a majority stake in Danish confectionery Lakrids by Bülow to boost the liquorice brand’s international expansion.
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