Samsung Biologics now controls almost all of PolyPeptide Group, the Swiss contract manufacturer of peptide drug ingredients. On Nov. 2, its offer vehicle published the provisional end result of its tender: 97.98% of the shares the offer covered have been tendered.
The offer pays CHF 44.31 per share in cash, valuing PolyPeptide's equity at about CHF 1.46 billion. It is Samsung Biologics' first move beyond antibodies and antibody-drug conjugates into peptides, the class of molecules behind GLP-1 obesity and diabetes drugs.
The offer
| Label | Value |
|---|---|
| Cash price per PolyPeptide share | CHF 44.31 |
| Equity value of the offer | CHF 1.46B |
| Premium to the undisturbed share price of CHF 31.65 | 40% |
The undisturbed price is PolyPeptide's SIX close on April 10, 2026, before deal rumours.
How the tender built to 98%
PolyPeptide's largest shareholder, which held about 55.65%, had committed to tender before the offer opened. By the end of the main offer period on Oct. 12, acceptances had reached 87.88%, according to the definitive interim result. A further 10 trading days to Oct. 30 pushed the total close to 98%.
Share of PolyPeptide shares tendered (success rate)
| Label | Value |
|---|---|
| End of main offer period, Oct. 12 | 87.88% |
| End of additional period, Oct. 30 | 97.98% |
Samsung Peptide and parties acting with it hold 97.99% of issued capital.
That level clears the bar for a squeeze-out. Samsung's offer vehicle says it intends to buy out the remaining shareholders and delist PolyPeptide from the SIX Swiss Exchange once the offer settles.
Why the deal hasn't closed yet
Settlement had been pencilled in for Nov. 13, but Samsung has postponed it while it waits for merger and foreign-investment clearances in several countries. The companies now expect completion towards the end of 2026 or in the first quarter of 2027. The definitive end result is due on Nov. 5.
What Samsung is buying: a peptide business riding GLP-1 demand
PolyPeptide runs six manufacturing sites in Sweden, Belgium, France, the US and India, and it has been growing quickly as obesity drug makers lock in supply. Its preliminary first-half results, released alongside the offer, showed:
- Revenue of €236.6 million, up about 42% from €167.0 million a year earlier.
- A net profit of €9 million, against a €26.5 million loss in the first half of 2025.
- An EBITDA margin of 20.7%, of which about 3.9 points came from a one-off sale of intangible assets.
- Raised 2026 guidance of 25–30% revenue growth at constant currency.
PolyPeptide revenue, first half of 2026
| Label | Value | Share of total |
|---|---|---|
| Metabolic therapeutics, including GLP-1 | €161.7M | 68.3% |
| Everything else | €74.9M | 31.7% |
| Total revenue (preliminary) | €236.6M |
The metabolic share rose to 68% from 56% a year earlier.
Source: PolyPeptide preliminary H1 2026 results, via RTTNews
Samsung Biologics adds a new modality to a fast-growing business
Samsung Biologics is one of the world's largest contract manufacturers of biologic drugs, with 845,000 litres of capacity across its campuses in Songdo, South Korea, and a plant in Rockville, Maryland. In the third quarter it reported revenue of about KRW 1.49 trillion, up 18.5%, and raised its 2026 sales growth guidance to 20%.
This acquisition reinforces our long-term growth strategy
John Rim, chairman and CEO, Samsung Biologics
Peptides give Samsung exposure to the obesity market without building chemistry plants from scratch. Peptide production uses different processes from the cell-culture work behind Samsung's antibody business, so buying an established operator is the faster route to scale.
What to watch next
- Nov. 5: the definitive end result of the tender.
- Regulatory clearances in the remaining jurisdictions, which set the settlement date.
- The squeeze-out and delisting from the SIX Swiss Exchange after settlement.
- Capacity plans. Investors will want to know whether Samsung expands PolyPeptide's sites to meet GLP-1 demand.
