Samsung Biologics to Buy PolyPeptide in $1.8 Billion Deal
(Bloomberg) — Samsung Biologics Co. agreed to acquire Switzerland’s PolyPeptide Group AG in an all-cash deal that values the contract drugmaker’s equity at about 1.46 billion Swiss francs ($1.8 billion), expanding its manufacturing capabilities.
The South Korean company is offering 44.31 Swiss francs a share for PolyPeptide, according to a statement. The offer price represents a 6.1% premium over PolyPeptide’s Friday close and is 40% more than when market rumors regarding potential acquisition of the company emerged, the statement added.
Shares of Samsung Biologics declined as much as 3.3% in Seoul on Monday. PolyPeptide shares jumped as much as 5.6%.
PolyPeptide operates manufacturing sites in Sweden, Belgium, France, the US and India and its capabilities span research and development, process development and commercial manufacturing.
The acquisition strengthens Samsung Biologics’ presence in the contract development and manufacturing market by adding PolyPeptide’s peptide manufacturing capabilities, as drugmakers ramp up demand for peptide-based medicines, including treatments for obesity and metabolic diseases.
Swiss Deals
The transaction adds to rising deal activity involving Swiss companies.
Industrial giant ABB Ltd. agreed to buy British firm Rotork Plc. in the firm’s biggest acquisition in its history. At the start of the year, Zurich Insurance made an offer to UK insurer Beazley Plc.
Morgan Stanley analyst Mi Hyun Kim described Samsung Biologics’s purchase as “positive.”
“The peptides drug market is growing rapidly thanks to GLP-1 drugs,” she wrote in a note.
PolyPeptide specializes in the development and manufacturing of synthetic peptides related to metabolism, notably targeting obesity and diabetes.
The biotech has been going through a turnaround which was welcomed by investors and is ramping up new facilities.
Earlier this year it emerged that the Zug-based firm and controlling shareholder Frederik Paulsen Jr. also attracted takeover interest from private equity funds, Bloomberg News reported.
Samsung Biologics said the transaction is expected to be completed toward the end of 2026 and is subject to customary closing conditions. PolyPeptide’s board unanimously recommended the offer, according to the statement.
Swiss law firm Homburger and Morgan Stanley advised PolyPeptide. JPMorgan Chase & Co. acted the financial adviser to Samsung Biologics while O’Melveny & Myers LLP and Schellenberg Wittmer Ltd provided legal counsel.
(Updates with PolyPeptide shares and advisers)
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