Samsung Biologics said on 16 October that its CHF1.46bn all-cash tender offer for SIX-listed PolyPeptide Group had succeeded, after shareholders tendered 87.88% of the shares the CHF44.31-a-share offer relates to.
Why Samsung Biologics is buying PolyPeptide Group AG
Samsung Biologics said the deal adds peptide therapeutics to its antibody and antibody-drug conjugate services, with a focus on GLP-1 treatments for obesity and diabetes, and broadens its manufacturing footprint in the US, Europe and India with additional capacity and a late-stage peptide pipeline.
“delivering an attractive cash price and immediate, certain value today”
Deal terms and financing
By the end of the main offer period on 12 October, 29,014,418 PolyPeptide shares had been tendered, 87.59% of the issued capital. Together with shares held by parties acting in concert, Samsung Peptide's participation reached 29,123,892 shares, or 87.92%. The minimum acceptance and no-material-adverse-effect conditions are satisfied, and Samsung declared the offer successful subject to the remaining conditions. An additional acceptance period runs from 19 to 30 October 2026.
Regulatory approvals and timing
Outstanding conditions include merger control and foreign-investment approvals in certain jurisdictions, removal of transfer and voting restrictions from PolyPeptide's articles and the election of Samsung's nominees at an extraordinary general meeting on 26 October. The planned 13 November settlement date will be postponed, and completion is now expected towards the end of 2026 or in the first quarter of 2027. Samsung intends to squeeze out remaining shareholders and apply to delist PolyPeptide from SIX after settlement.
Market context
PolyPeptide is a contract development and manufacturing organisation for peptide-based active ingredients, with production sites in Sweden, Belgium, France, the US and India. The board said the offer followed a competitive process that drew proposals from several parties.
