Samsung Biologics, a South Korean biopharmaceutical company, has launched an all-cash public tender offer to acquire Swiss-based PolyPeptide Group for 1.46 billion Swiss francs, equivalent to about $1.8 billion. This acquisition marks Samsung Biologics' largest overseas M&A deal and is set to be the largest biopharmaceutical M&A in South Korea's history. The deal aims to expand Samsung Biologics' portfolio into peptide therapeutics, a rapidly growing segment, moving beyond its current focus on antibody drugs and antibody-drug conjugates.
PolyPeptide Group specializes in peptide-based active pharmaceutical ingredients (APIs) and has a long history, spun off from Ferring in 1996. The company has developed and produced over 1,000 therapeutic peptides and operates a global network with facilities in Sweden, Belgium, France, the U.S., and India, in addition to its Swiss headquarters. The acquisition will significantly broaden Samsung Biologics' global footprint and manufacturing capabilities, allowing it to offer a more comprehensive service platform to its clients.
Under the terms of the offer, shareholders of PolyPeptide will receive 44.31 Swiss francs per share. This represents a 40% premium to the company's undisturbed closing price of 31.65 Swiss francs on April 10, 2026, before acquisition rumors surfaced, and about a 6.1% premium to its last closing price on July 19. PolyPeptide's largest shareholder, Draupnir Holding B.V., which owns approximately 55.65% of the company, has committed to tendering all of its shares. Samsung Biologics requires a minimum acceptance rate of 66.67% from shareholders for the deal to proceed.
The acquisition is strategically driven by the surging demand for obesity and diabetes treatments, particularly GLP-1 therapies, which are peptide-based drugs that mimic natural hormones to regulate blood sugar and reduce appetite. By integrating PolyPeptide's expertise, Samsung Biologics aims to meet the growing client demand for these peptide-based modalities. The transaction is expected to close by the end of 2026, after which Samsung Biologics plans to delist PolyPeptide from the SIX Swiss Exchange and make it a wholly owned subsidiary.
Analysts have noted that while the acquisition is positive for Samsung Biologics' mid-to-long-term growth potential and diversification into a high-growth market, there are short-term concerns regarding the funding burden, which led to a slight dip in Samsung Biologics' shares following the announcement. However, CEO John Rim emphasized that the deal reinforces their long-term growth strategy and global reach, creating an end-to-end multimodality CDMO platform across antibodies, antibody-drug conjugates, and peptide therapeutics.
